Adidas AG agreed to extend its shirt-sponsorship deal with English football club Manchester United in one of the biggest tie-ups in Premier League history.
(Bloomberg) — Adidas AG agreed to extend its shirt-sponsorship deal with English football club Manchester United in one of the biggest tie-ups in Premier League history.
The German sportswear maker signed a further 10-year contract that will keep its famous stripes and logo on the players’ shirts until 2035. The deal is worth at least £900 million ($1.2 billion).
The renewal of the sponsorship deal comes as Manchester United navigates a lengthy sale process. The Glazer family has owned the historic club since 2005 but is running a process to find a buyer or investors. UK-based billionaire Jim Ratcliffe and Sheikh Jassim Bin Hamad J.J. Al Thani, a member of Qatar’s royal family, have tabled bids valuing the club at more than $5 billion.
The team’s fortunes on the pitch improved last season. However, it has struggled to be as successful as it was under former manager Alex Ferguson, who retired in 2013 — the last time the club won the Premier League.
Adidas’s existing deal, which began in the 2015/2016 season, was worth at least £750 million. The shoemaker is seeking new avenues of growth to bolster sales after terminating its partnership with Ye, the rapper and designer formerly known as Kanye West.
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