Shares plunge for Man Utd and its jersey sponsor TeamViewer   

While United plunged 15% in New York trade as its owners announced a share sale, the company whose logo is brandished on the jerseys of Cristiano Ronaldo and teammates — TeamViewer — plummeted 28% in Frankfurt.

Manchester United shares had a tough day, but not as bad as the team’s shirt sponsor.

While United plunged 15% in New York trade as its owners announced a share sale, the company whose logo is brandished on the jerseys of Cristiano Ronaldo and teammates — TeamViewer — plummeted 28% in Frankfurt.

TeamViewer tumbled after cutting its profit forecast for the year amid weaker-than-expected demand for its work-from-home software. The shares also slumped in March when the costly tie-up was announced. 

Outlook cut

TeamViewer outlook was cut and was followed by the huge 28% plunge that dragged the German software maker’s shares to a record low. It’s among growing signs that the good times for companies that benefited from people stuck at home during the pandemic are ending.

For United, the shares plunge came after the club’s owners sold a stake worth about $186m (€159m), the second disposal this year by the Florida-based Glazer family. Kevin Glazer and Edward Glazer’s trusts offered 9.5m shares. 

Before the sale, Manchester United shares had climbed 17% this year amid an added boost from the return to the team of Portuguese superstar Ronaldo. 

• Bloomberg