English Premier League side, Manchester United, have signed a major kit deal with German Sport Kit giant, Adidas, in what is believed to be worth minimum of £750million over 10 years from the 2015-16 season.
The deal is a welcome boost for the club whose performances on the pitch last season were hugely disappointing and they can now look forward to fresh investment as the staggering figure is more than double the amount they get from American sport kit company and current partner, Nike.
It would be the first time in 23 years that the German Sport Kit organization has made Manchester United strip in 23 years, since the 1991-92 season.
A club statement on Monday read: “Manchester United PLC has reached a 10-year agreement with Adidas for a global technical sponsorship and dual branded licensing deal for a minimum guarantee of £750m, subject to certain adjustments, beginning with the 2015/2016 campaign.
The Group Chief Executive of Adidas, Herbert Hainer, who was excited about the deal, believes the partnership with United would help to strengthen the kit company’s position in the world
“We are excited to team up with Manchester United, one of the most successful and most loved football clubs globally.
“Our new partnership with Manchester United clearly underlines our leadership in football and would help us to further strengthen our position in key markets around the world.
“At the same time, this collaboration marks a milestone for us when it comes to merchandising potential. We expect total sales to reach £1.5billion during the duration of our partnership”, Hainer concluded.
It is believed Adidas would provide training and playing kit to all the club’s teams and would have the exclusive right to distribute dual-branded merchandising products worldwide.
Nike had released a statement, saying that it decided to end its association with the Old Trafford club at the end of the 2014-15 season claiming that eye-watering figures were being demanded.
It brings an end to a 13-year association that United have enjoyed with the sportswear giants after signing a long-term deal with the firm in 2002. Manchester United unveiled their new home kit for the 2014-15 season which would be the last designed by Nike and the first to bear the logo of new sponsor Chevrolet.