No More Chevy at the Levy for Ewanick

Manchester United's new shirt sponsorship deal with American carmakers Chevrolet is worth an "incredible" £357million between now and 2021, according to reports - more than double what their current package brings in.

When the seven-year deal was announced earlier this week, it was reported it would see the Old Trafford side rake in around £28m per season.

Now however, reports originating in the US, where United are in the process of selling 10% of the club on the New York Stock Exchange, suggest that those figures were a massive underestimate.

While Chevrolet won't replace insurers Aon as United's shirt sponsors until the 2014-15 season, figures presented to the US Securities and Exchange Commission by the club are said to claim they will receive 'fees' of about $18.6m (around £11m at current exchange rates) from them in the coming season and the 2013-14 campaign.

Then, in 2014-15, United will receive a whopping $70m (£44.75m) in return for carrying the Chevrolet logo on their shirts, with the amount paid rising by 2.1 per cent in each following season until 2020-2021.

The reports add that the news comes against the backdrop of the resignation of Joel Ewanick, who was chief marketing officer of Chevrolet's parent firm, General Motors, and had been involved in negotiating the deal with United.

A General Motors spokesman said Ewanick "failed to meet the expectations the company has for its employees."

Ewanick's departure was announced last Sunday night, the reports continue - just hours before news of the United's Chevrolet sponsorship broke, but several days after the deal was signed.

One marketing sector expert, who was reportedly involved in negotiating one of United's previous shirt sponsorship deals, with Vodafone, marvelled at the agreement with Chevrolet.

"It's incredible, unbelievable," he said.

In another story, a sponsorship consultant said United's Chevrolet agreement smashed the previous record set by Barcelona's $39.1m-a-year - £25m - deal with the Qatar Foundation.

"The increase between Aon and Chevrolet I'd say is unprecedented," he admitted.

As recently as 2006, that same story adds, Vodafone were paying £8m-a-year to have their logo on United's shirts - they were replaced by a £14m-a-year deal with financial-services firm AIG that ran until 2010, when Aon took over at £19.6m per season.

Manchester United Choose Chevrolet

Manchester United have announced a new seven-year sponsorship deal with US car giant General Motors.

The deal announced will see Chevrolet, which is already the club's official car partner, will become only the club's fifth shirt sponsor in their history.

The value of the agreement, which will commence in 2014, remains undisclosed but is thought to be in excess of the current £20 million a year deal with Aon.

Manchester United's commercial director, Richard Arnold, told the club's official website: "This is a fantastic, long-term deal for the club. We have been partners with Chevrolet for only six weeks, but already they have produced some fantastic ideas that will benefit both the partnership and our 659 million followers around the world.

"They are a key partner on our current tour and I know they have enjoyed experiencing the buzz generated by our fanatical support and the sell-out crowds in South Africa, China, and Europe.

"It is a great thrill for those of us who work with partners all year round when an existing partner steps up to being one of our principal partners. This commitment to United and its fans will bring real benefits to everyone who cares about the club.''

Alan Batey, General Motors' North America vice-president, US sales and service, added: "We are extremely proud to connect our brand, Chevrolet, with Manchester United and its passionate supporters all around the world.

"Manchester United's statistics are impressive, but this relationship goes far beyond the numbers - this relationship is about connecting our brand with the deep-seated emotion that surrounds the team everywhere it goes.

"When you consider the core values of Chevrolet, our passionate customers around the world, and our rich 100-year history, the partnership with Manchester United is a perfect fit.

"And, to be only the fifth name on the iconic red jersey is a genuine honour. We very much look forward to the road ahead and the opportunities we have in partnering with such a legendary club.''