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Manchester United have confirmed a record breaking kit-sponsorship deal with Adidas which will be worth £750m over 10 years, starting from next season.
The agreement puts an end to the existing 13 year sponsorship deal the club had with Nike.
Nike have been paying United £23.5 million a year. They had an option to extend their contract but withdrew from the negotiations stating Manchester United’s demands were too high.
A statement from the club said,” “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 GBP 750 million, subject to certain adjustments, beginning with the 2015/2016 campaign. For the 2014/2015 season, Nike will continue in its role of technical sponsor and trademark licensee.
"For the 2014/2015 season, Nike will continue in its role of technical sponsor and trademark licensee."
Adidas will also be providing training kits to all the club’s teams (different age groups, reserves and first team squad). More importantly, they will have exclusive rights to distribute dual-branded merchandising products all over the world.
La Liga giants Real Madrid's £31m-a-year deal with Adidas was their previous biggest kit sponsorship deal.
