GM to Pay Manchester United $559 Million

British soccer club Manchester United says it will receive $559 million from General Motors Co. under its seven-year sponsorship deal with GM's Chevrolet brand.

Manchester United disclosed details of the agreement in a filing with the U.S. Securities and Exchange Commission in connection with the club's initial public stock offering, which is scheduled for Thursday.

Manchester United says it will receive nearly 19 million in each of the next two seasons and $70 million in 2014-2015, the first season of the agreement. The latter payment will increase 2.1% per year during the life of the deal.