Manchester United has announced that its new shirt sponsorship deal with Chevrolet will bring in a world record-breaking US$559 million (£357 million) over the seven-year duration of the agreement.

The English Premier League giant confirmed financial details of the deal in a regulatory filing as it prepares to launch its initial public offering (IPO) on the New York Stock Exchange later this month. United’s partnership with the General Motors (GM) brand will commence in the 2014-15 season, but the club said it will begin to pay financial dividends as soon as this year.

GM will pay fees of $18.6 million in the 2012-13 and 2013-14 seasons, before the first year of the agreement kicks in with a payment of $70 million in 2014-15. GM’s payments will then increase by 2.1% every season through 2020-21. Insurance firm Aon has emblazoned its logo across the shirt of the club since 2010-11, with its deal worth £80 million to United. The disclosure of GM’s investment means that United has more than doubled the value of its shirt sponsorship, smashing the record for such a deal in the process.

United’s new agreement with Chevrolet was made public just hours after GM said it was removing its global marketing head, Joel Ewanick, because he “failed to meet the expectations that the company has for its employees.” Sources told Reuters that Ewanick didn’t properly report financial details about the shirt deal with United.

The deal surpasses the value of FC Barcelona’s five-year agreement with Qatar Foundation, worth a total of $230 million.