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Manchester United’s co-owners INEOS are reportedly in negotiations with Premier League rivals Tottenham Hotspur over the termination of their sponsorship agreement.
Since completing a partial investment in United a year ago, INEOS have implemented a number of measures aimed at cutting operational costs designed to ensure the business runs as a leaner unit.
Last week New Zealand Rugby confirmed they were taking legal action against Sir Jim Ratcliffe’s INEOS firm after they prematurely exited a £3.7 million-a-year sponsorship deal which is not due to end until 2027.
In response, INEOS issued a statement, blaming the “deindustrialisation of Europe” as one of the reasons behind their decision to end the partnership with the All Blacks.
The petrochemicals company also ended a partnership with Sir Ben Ainslie’s America’s Cup team. Additionally, there have been suggestions that there is a chance INEOS will part ways with Mercedes’ Formula 1 team in the near future.
According to Mike Keegan of the Daily Mail, INEOS is reportedly moving forward with plans to reduce its involvement in multiple sports and is currently in discussions with Tottenham to terminate their sponsorship agreement.
It’s understood that talks – which have been described as amicable – are already underway.
The deal was signed in 2022 and was set to run for five years, until 2022. INEOS are the official 4 x 4 partner of Tottenham via their Grenadier vehicle.
The organisation’s logo featured prominently at Tottenham’s stadium during matches, including when the Red Devils lost 1-0 in North London on Sunday.
Keegan notes that the agreement between the two parties runs to “several millions per season.”
It recently emerged that INEOS are planning further redundancies at United in a bid to free up more cash for Amorim to spend on bolstering his squad.
United are back in action on Saturday when they face Everton at Goodison Park. Kick-off is at 12:30 GMT.
Featured image Michael Regan via Getty Images
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