14th July, 2014
English Premier League giants Manchester United on Monday announced a ten-year kit deal with German sportswear group Adidas worth £750 million (942 million euros, 1.28 billion dollars), replacing Nike as manufacturer.
“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 in a statement.
Nike walked away from the bargaining table last Tuesday after Adidas agreed to more than double Nike’s current contract.
Their current 13-year deal with Nike, worth £303 million ($502 million, 368 million euros), is due to end in 2015 and an exclusivity period enabling the US sportswear manufacturer to negotiate a new deal recently expired.
The northwestern England powerhouse is currently rebuilding following a dismal seventh place finish last season that saw manager David Moyes lose his job.
Netherlands World Cup manager Louis van Gaal has been given responsibility of restoring United to the top level of European football.