Manchester United Expects €451 Million from GM Deal

British football club Manchester United says it will receive $559 million (€451 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 (€15 million) in each of the next two seasons and $70 million (€56 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.