Manchester United seeks to cash in as sponsor DHL is sent packing
(CNN) -- Having landed a world-record shirt
sponsorship deal with General Motors in July, soccer team Manchester
United is looking to cash in once more after buying out training kit
The English Premier
League club signed a $559 million agreement with GM to have the
Chevrolet logo on its shirts for seven years from 2014 onwards.
And, despite signing a
$64 million training kit deal with logistics firm DHL in 2010, the
Glazer family-owned team has already set its sights on securing a more
"We have successfully
negotiated an early buyout of our training kit agreement with DHL
effective 30 June 2013," read a statement from one of the world's
richest clubs, which has won the English league title a record 19 times
and been crowned champion of Europe on three occasions.
increased value of agreements concluded since entering into this
agreement, such as our recent $559 million world-record shirt
sponsorship with General Motors, leads us to believe that there should
be strategic opportunities to further optimize the value of these
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United has already
announced two lucrative partnerships this month. First it entered into a
three-year arrangement with Azerbaijani telecommunications company
Bakcell, which became the club's first broadcast partner in the country.
Then food and beverage company Kagome became United's official soft drinks partner in Japan.
Despite incurring huge
debts when the Glazers bought the club in 2005, United has remained one
of the most profitable teams on the planet.
For the tax year ending
June 30 2012, United's total income was £320.3 million ($516.3 million).
Meanwhile, Forbes Magazine ranked Alex Ferguson's side as the most
valuable in world sport, with a brand worth an estimated $2.23 billion.
On the pitch, Ferguson
will be without Shinji Kagawa for one month after it was announced the
Japanese playmaker aggravated a knee injury during Tuesday's European Champions League victory over Braga.
"Kagawa is out for three
to four weeks with a knee injury," Ferguson told a press conference
ahead of Sunday's match with EPL leaders Chelsea. "Playing on Tuesday
didn't help. It is disappointing."
Kagawa joined United from German champions Borussia Dortmund in June and has so far scored two goals for the club.