Manchester United have announced a world record £750m deal with German sportswear giant Adidas up until 2025, just days after its rivals Nike announced it was ending its association with the English Premier League club.
The deal, which is more than double what the American company pays the club, will better the previous £150m five-year agreement signed by fellow English club Arsenal with Puma.
According to The Daily Mail, Adidas beat American brands Warrior and Under Armour in winning the contract, after Nike ended its 13-year association with the club, citing the heavy cost demands of negotiating a new deal.
“Any partnership with a club or federation has to be mutually beneficial and the terms that were on offer for a renewed contract did not represent good value for Nike’s shareholders,” Nike said in a statement released last week.
The announcement provides welcome boost for the club, which is expected to announce losses of up to £50m as a result of missing out Champion’s League qualification last season.
News of the new kit deal, which is expected to begin from the 2015/16 season, also follows the release of the club’s shirt for the upcoming season bearing the name of new sponsor Chevrolet.
It is believed the deal with the American automotive manufacturer will net the club £347m by 2021.