The shirt agreement has been signed for ten years
Adidas has announced a new sponsorship agreement with English soccer club Manchester United for $1.2 billion. The shirt agreement has been signed for ten years.
The German sports giant, which traditionally invests gigantic sums in the soccer market, has been the official partner of one of the most titled and popular British clubs since 2015. Earlier, Manchester United partnered with Nike for 23 years.
A new statement following the signing of the long-term partnership notes: "The new deal reinforces the focus on Manchester United's women's team from its relaunch in 2018."
The deal is set to run until June 2035. Market sources note that the Glazers, the club's American owners, are still considering selling the club despite Manchester United's return to the Champions League.
This is good news for Manchester United shareholders, as the previous agreement with Adidas included a 30% cut in annual payments if the club failed to qualify for the most prestigious tournament two years in a row. Adidas CEO Bjorn Gulden said of the partnership: "We will combine tradition and innovation to please both the players and the fans."