Nike Beats Out Under Armour For Chelsea Football Apparel Deal Worth $1.1 Billion
Earlier in the year, Chelsea had ended its long-time partnership with adidas AG (ADR) (OTC: ADDYY). Nike is set to be the official apparel supplier of Chelsea starting in the 2017–2018 season. The deal is said to be worth $73 million annually over the next 15 years.
"Chelsea is a world-class club with a rich tradition and passionate fans across the globe," said Nike President Trevor Edwards in a statement. "The partnership with Chelsea reinforces our leadership position in football. We are excited to help grow the club's global reach, serving players and supporters with Nike innovation and design."
Adidas' deal with Chelsea was supposed to end in 2023, but in May the deal was severed early as the club looked for more money. Previously, its deal with adidas was the biggest in the Premier league. Adidas still holds the most expensive apparel deal in the Premier league with Manchester United, worth $128 million a season.
At last check, Nike was up 0.56 percent at $52.39 in Friday's morning session, while Under Armour was seen up 1.62 percent at $38.80 and ADRs of adidas were up 1.06 percent at $85.97.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email firstname.lastname@example.org with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.