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Manchester United renews Adidas partnership in $1.1 billion 10-yr deal

by Uma
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2023 07 31T081352Z 2 LYNXMPEJ6U076 RTROPTP 4 ADIDAS ANNIVERSARY

Manchester United renews Adidas partnership in $1.1 billion 10-yr deal

(Reuters) -Manchester United on Monday renewed the soccer club’s partnership with official kit supplier Adidas for 10 more years and a minimum cash guarantee of 900 million pounds ($1.16 billion).

The new deal, ahead of the 2023/24 Premier League season starting next month, will continue the partnership until June 2035, the club said.

Manchester United will return to the lucrative Champions League this year. Last month the 20-times English champions raised their annual forecast.

According to the company’s latest annual report, the original agreement with Adidas links a part of the yearly payments to the club’s participation in the Champions League.

A failure by the club to play in the Champions league for two more consecutive seasons reduces its annual payments by 30% of the applicable amount, according to the deal.

United is still in talks to sell itself after American owners, the Glazer family, launched a formal sale process late last year.

($1 = 0.7779 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-Phillips and Nivedita Bhattacharjee)