(CTN News) – Manchester United (MANU.N) has renewed its partnership with Adidas (ADSGn.DE) in a landmark deal worth £900 million ($1.1 billion) over ten years.
The English soccer club, owned by the Glazer family, will return to the prestigious UEFA Champions League this season after a successful finish in the domestic league under manager Erik ten Hag.
The new agreement places increased focus on the Manchester United women’s team, showcasing its progress since its reintroduction in 2018.
Adidas became Manchester United’s official kit sponsor in the 2015/16 season, ending a 23-year separation and surpassing Nike’s previous record-breaking £750-million deal.
As negotiations for the club’s sale continue, potential suitors, including Qatar’s Sheikh Jassim bin Hamad al-Thani and British billionaire Jim Ratcliffe, are closely monitoring developments.
The renewed partnership with Adidas extends until June 2035, covering the 2023/24 Premier League season and beyond.
As per the company’s latest annual report, the annual payments from Adidas to Man United are partly linked to the club’s participation in the UEFA Champions League.
Suppose Manchester United fails to qualify for the Champions League for two or more consecutive seasons. In that case, the club’s yearly payments will be reduced by 30% of the applicable amount, as stipulated in the deal.
man United and Adidas did not immediately disclose the specific terms of the new agreement.
Adidas CEO Bjorn Gulden expressed the brand’s commitment to combining tradition and innovation to satisfy players and fans.
The £900 million deal between Manchester United and Adidas solidifies the club’s partnership with the sportswear giant for another decade. With a focus on the UEFA Champions League and the women’s team, the collaboration aims to bring together tradition and innovation to delight players and fans alike. As the club continues to explore a potential sale, this agreement represents a significant milestone in Manchester United’s future endeavors.