Chelsea Ends Adidas Deal Six Years Early
Chelsea Football Club and adidas AG has announced that they have mutually agreed to terminate their existing partnership agreement six years early, with the deal now set to expire at the end of next season, not 2023 as originally agreed.
adidas has been sponsor and sportswear supplier for Chelsea since 2006 and this early termination of the agreement will allow Chelsea to enter a new equipment agreement with a competitor of adidas AG.
It will also allow adidas AG to continue to implement its sports sponsorship strategy as set out in its strategic business plan ‘Creating the New’. Under this plan, adidas AG will partner with fewer assets on a team level.
As compensation for the early termination of the contract, the adidas Group will receive a payment from Chelsea in 2017 that will already positively impact the Group’s net income this year.
In a statement, adidas said: “adidas AG wishes to expressly thank Chelsea Football Club for their always professional and successful collaboration, which has included, among other successes, the time of their UEFA Champions League title in 2012 as well as two Premier League titles.”
The announcement comes just one week after adidas launched the new Chelsea kit for the 2016/17 season.
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