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.
By Jamie Nimmo
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