Bailed-out automaker begins global marketing campaign as U.S. military sponsorships are cut
General Motors plans to shell out as much as $600 million to sponsor a European soccer team despite owing $27 billion to American taxpayers.
GM’s Chevrolet logo will appear front and center on the jerseys of soccer powerhouse Manchester United, as part of one of thelargest sponsorship deals in U.S. history. GM will pay $60 million per year for the logo—nearly double the $31 million European insurance company Aon paid—despite plummeting sales and massive liabilities.
The U.S. Treasury owns 26.5 percent of the stock of the Detroit-based automaker, which has been reeling from a dwindling European car market. Stock price is down.
Manchester United is the world’s most valuable sports franchise, according to Forbes: