New York - Manchester United will receive $559m in their seven-year shirt sponsorship agreement with General Motors Co.'s Chevrolet division.
Chevrolet takes over from the insurer Aon starting with the 2014-15 season. Manchester United said they will receive $70m during the first season of the new deal.
The agreement was signed July 26 and announced on Monday. The financial details were disclosed by the club on Friday in a filing with the US Securities and Exchange Commission as part of Manchester United's planned initial public offering of stock.
United said the payment will increase 2.1% annually during the deal, which runs through the 2020-21 season. In addition, the club said the agreement calls for them to receive about $18.6m in fees in each of the 2012-13 and 2013-14 seasons.
General Motors announced the resignation of its chief marketing officer, Joel Ewanick, on Sunday night. Ewanick had been involved in negotiating the deal.
"Mr. Ewanick failed to meet the expectations the company set for its employees," spokesperson Greg Martin said Friday, declining additional comment.