Barcelona have confirmed the extension of their partnership with Nike as the Nou Camp side signed a record deal with the American apparel giants worth €155m (£140m) a season from 2018. It sees them usurp Manchester United's previous record of £750m (€835m) 10-year deal with Adidas.
The current sponsorship deal is due to end on 30 June 2018. The new contract will run through till 2023 and Barcelona members will have the chance to vote in for a further five-year extension.
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The club’s president, Josep Maria Bartomeu said, “We are excited by this new agreement and are confident we will be able to celebrate continued sporting successes together.“
During his campaign last year, Josep Maria Bartomeu made commitments to the club to generate annual revenues of €1 billion by the end of his term which expires in 2021, making Barcelona the first club to do so.
Barcelona vice-president Manuel Arroyo also told the club's annual general meeting on Saturday, "It is a figure which puts us No. 1 in the world for sponsorship in the sports industry."
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The English Premier league is already generating massive revenues after signing a new deal with SKY and BT Sport for a record £5.136 billion for live Premier League TV rights. The deal generated a combined £10.4 billion, which was distributed among all 20 Premier League clubs giving the teams a much needed financial aid ahead of the season.
The club is also working on renewals for the 'MSN' striking trio as Bartomeu said, "These strikers are spectacular. Believe that our principal objective is that they all stay here. Neymar has renewed and now we are trying so that Suarez stays here for many years to come and then we will speak with Messi of course. He is the catalyst, the one that makes everything else function."
La Liga's current TV deal massively benefits both Barcelona and Madrid, but they are actively working to expand their coffers to keep up and stay ahead of the pack. The Catalans edged past Real Madrid last season with a record turnover of €679m (£612m) and with the new deal going through, they have taken a step closer to Bartomeu’s lofty goal.
On Saturday, the Barcelona board passed their budget of €695m (£626m) for this season, of which €392m (£353m) will be spent on sporting salaries.
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