Manchester United has reached a groundbreaking £60 million-a-year shirt sponsorship agreement with computer chip manufacturer Snapdragon, as reported by multiple sources.

This sponsorship deal is set to commence from the 2024-25 season, with Snapdragon taking the place of the German software firm TeamViewer on the front of Manchester United’s jerseys.

Last week, Manchester United’s stock price experienced a significant drop of approximately 20%, following reports that the Glazer family, the club’s majority shareholders, were discontinuing discussions regarding a potential sale. However, this lucrative partnership with Snapdragon, coming shortly after the club secured a record-breaking £900 million kit deal with Adidas, serves as a timely boost for the club and its somewhat unpopular ownership.

TeamViewer had previously signed a five-year sponsorship agreement, originally set to run until 2026, but both parties agreed to terminate the deal early due to intense criticism from shareholders.

Snapdragon is a subsidiary of Qualcomm, a tech corporation based in California with a market value of $124 billion (£107 billion). Qualcomm became a global partner of Manchester United just last year.

Notably, Manchester United’s revenue from the Snapdragon sponsorship surpasses that of any other Premier League shirt sponsorship, despite the club’s decade-long absence from winning the league title. The current Premier League champions, Manchester City, are reported to receive £67.5 million annually from their sponsorship with Etihad, which also includes stadium naming rights.

Liverpool’s contract with Standard Chartered is estimated to be valued close to £50 million per year, as is Arsenal’s deal with Emirates, which encompasses stadium naming rights as well.

Chelsea, on the other hand, is still actively seeking a new sponsor several weeks into the new season after experiencing difficulties securing a replacement for their previous £40 million-a-season deal with Three.