Latest on Manchester United news: Manchester United has extended its partnership with Adidas for another 10 years in a deal worth 900 million pounds ($1.1 billion).
The English football club, which has been rumored to be up for sale by its American owners, will be competing in the UEFA Champions League this year after finishing in the top four of the domestic league last season under manager Erik ten Hag.
Adidas, a major German sportswear company, became the official kit sponsor for the club in the 2015/16 season. This marked a reunion after 23 years and they replaced Nike as the sponsor, following a record-breaking 750-million-pound deal.
“The new deal increases the focus on the Manchester United women’s team since their reintroduction in 2018,” United said in a joint press release with Adidas.
United is currently engaged in discussions for a potential sale, following the initiation of a formal sale process by its American owners, the Glazer family, towards the end of last year. The club has attracted interest from potential buyers such as Qatar’s Sheikh Jassim bin Hamad al-Thani and British billionaire Jim Ratcliffe.
The northwest England-based club has announced that they have extended their partnership with Adidas until June 2035.
The new deal, which begins ahead of the 2023/24 Premier League season, includes a provision in the original agreement that ties a portion of the annual payments to the club’s participation in the Champions League.
If the club fails to qualify for the Champions League for two or more consecutive seasons, their annual payments will be reduced by 30% of the applicable amount, as stated in the agreement.
United did not provide an immediate response regarding the details of the new agreement. Adidas chose not to comment.
“We will combine tradition and innovation to please both the players and the fans,” Adidas CEO Bjorn Gulden said.
Last month, the English champions, who have won the title 20 times, increased their predictions for annual profit and revenue.