(MENAFN) Manchester United Ltd. signed a USD559 million sponsorship deal with General Motors Co., Reuters reported.
The seven-year deal will put GM's Chevrolet brand name on the soccer team's famous red jerseys.
The deal came amidst calls from the club's supporters to boycott sponsors' products to pressure the club's American owners to cancel a plan to float the club's stock.
The agreement with GM starts in the 2014-2015 season, but the club will start to reap some financial benefits as soon as this year, the club said in a regulatory filing.
GM will pay fees of USD18.6 million in this year's and next year's season, and an additional USD70 million in the 2014-2105 season.
GM's payments will rise 2.1 percent each season thereafter, through the 2020-2021 season, the club said.
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