Manchester United signs new Asian sponsor

(CNN) -- Manchester United may face a new challenge on the field next season without Alex Ferguson but the English Premier League giant appears to have no domestic equals commercially with its ever expanding list of global sponsors.

United, which won its 20th league title last year, announced a deal with Thai telecommunications group True Corporation Plc Monday -- taking its number of sponsors close to 40.

According to a press release issued by the club, around 70 million people in Thailand watched United's games in the first seven months of last season, though the club did not disclose how much the new sponsorship deal was worth.

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True Group becomes United's official mobile partner and club broadcaster for Thailand -- the latest in a whole host of deals carried out by the Red Devils.

"When considering our partners, the club likes to ensure the company in question shares many of the same attributes that have allowed us to grow into the world's most recognized team," United group managing director Richard Arnold told the club's official website.

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"True is a company that demonstrated many admirable qualities, itself crediting courage and the ability to take on new challenges as the key to its success.

"Since forming in 1990 it has continued to grow with the fast-paced telecommunications industry to become one of the best in its territory, proudly being the first to embrace many new technologies.

"Our new partnership is set to follow suit and provide our 20 million loyal and passionate Thai followers with exclusive content and footage, bringing them closer to the club they love."

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In May, United reported a 52.2% increase in sponsorship revenue following deals with a Japanese social gaming company and two financial services firms in Denmark and Vietnam.

In April, United signed an eight-year deal with insurance company Aon -- a move which saw the firm sponsor the club's Carrington training ground as well as its training kit for a reported $23 million.

The Old Trafford club was placed in the New York Stock Exchange last August by its American owners, the Glazer family.

Its revenues for the 2011/12 season increased by $21.6 million to $179 million -- placing it way ahead of its domestic rivals, despite an estimated gross debt of $560 million.

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Last year alone, United increased its value by 42% to $3.17 billion, according to Forbes business magazine.

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According to a study recently commissioned by the club, United's global fan base doubled to 659 million people between 2007 and 2012 with 325 million of those living in Asia.

According to the Deloite Football Money League report for 2013, only Real Madrid and Barcelona are worth more than United, while Chelsea is the nearest English challenger.

United will travel to Asia next month for a tour of the Far East and Australia with its opening game in Bangkok against the Singha All Stars -- a contest for which True Group will act as an associate sponsor.

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Meanwhile new United manager David Moyes officially began work Monday after replacing Ferguson at the helm.

Ferguson, who won over 30 trophies in 26 years at the club, retired last season after leading United to a 13th Premier League title.

The Scot also won two European Cups, five FA Cups, four League Cups, one European Cup Winners' Cup and one FIFA Club World Cup.

Moyes, who has brought his own coaching staff from former club Everton, will work alongside assistant manager Steve Round, goalkeeping coach Chris Woods and first team coach Jimmy Lumsden.

"I have worked with Steve, Chris and Jimmy for a number of years and I am delighted they have decided to join me at this great club," Moyes told United's official website.

"They bring great qualities in their respective fields and I know that, like me, they feel that this is a challenge to relish.

"I have great faith that together, we can build upon the success this club has enjoyed over many years."

Moyes will welcome the players back to training later this week before the squad leave for Thailand on July 10.