Initial reports said the nine-year deal was worth about £28m a year until 2021 but it appears that was an underestimate, with the club getting paid from this season even though the company’s logo will not be on shirts until 2014.
If the reports are true, United’s deal with Chevy will be the biggest ever in football. Aon’s current shirt sponsorship deal with United stands at £19m per year, while the largest current deal is Barcelona’s with Qatar Foundation, at £25m per year. United's arrangement with Chevy will be worth almost twice that, at £40m per year.
The man who is understood to have negotiated the deal, General Motors chief marketing officer Joel Ewanick, left the company soon afterwards - and insiders say it was because he was censured over the terms he agreed for the deal.
A General Motors spokesman said Ewanick "failed to meet the expectations the company has for its employees".