English Premier League giants Manchester United on Monday announced a record 10-year kit deal with German sportswear group Adidas worth £750 million (HK$9.9 billion) after US rivals Nike walked away from the club.
The sponsorship switch comes after Nike left the bargaining table last Tuesday when Adidas agreed to more than double Nike’s current contract.
“Manchester United plc... has reached a ten-year agreement with Adidas for a global technical sponsorship and dual branded licensing deal for a minimum guarantee of £750 million... beginning with the 2015/2016 campaign,” the club said.
The club’s current 13-year deal with Nike, worth £303 million, is due to end in 2015 and an exclusivity period enabling the Oregon-based manufacturer to negotiate a new deal recently expired.
Adidas group chief executive Herbert Hainer said he was “excited to team up with...one of the most successful and most loved football clubs globally.”
The record-breaking deal dwarfs the £248 million eight-year Adidas deal with Spanish team Real Madrid and the £30 million deal announced between Puma and English rivals Arsenal.