Manchester United sign new sponsor for club’s training kit

English Premier League football club Manchester United have signed a new sponsor for their training kit for the next eight years, the latest in a series of commercial deals cashing in on their huge global following.

Manchester United, English champions a record 19 times and controlled by the American Glazer family, are unusual in that their image is strong enough to attract backers for both their training kit and the famous red shirts they play in.

The club called an early halt to their existing agreement with training kit partner DHL after July’s record $560 million deal to have the Chevrolet brand on their playing shirts for seven years showed the club they could aim higher.

Chevrolet’s sponsorship begins in 2014. Until then, United will receive about 20 million pounds ($31 million) a year to carry the name of U.S. insurer Aon on the team’s playing shirts.

Success on the pitch has helped to dampen criticism from fans who say that the Glazers loaded the club with too much debt when they bought the club for 790 million pounds in 2005.

Borrowing fell to 367 million pounds at the end of last year, down from 439 million pounds a year earlier.

Manchester United shares have also strengthened on the New York Stock Exchange after a much-criticized listing last August.

They traded at $18.60 Thursday, down 11 cents on the day, but well above the $14 listing price and valuing the club at more than $3 billion.