Chelsea have ended their kit sponsorship deal with adidas six years early.
Last
year’s Premier League champions had a £30 million-a-year contract in
place with the German manufacturer until June 2023, but have now
mutually agreed to terminate that deal at the end of next season.
As
part of the arrangement, Chelsea will pay adidas an undisclosed
compensation fee. The sportswear giant has also confirmed that the move
is based on the Blues’ decision to sign a new deal with an unnamed
competitor.
A statement from adidas read: “Chelsea Football Club
and adidas AG announced today that they have mutually agreed to
terminate their existing partnership agreement prematurely. The
agreement will now end on June 30, 2017 and not, as originally agreed,
on June 30, 2023.
“adidas has been sponsor and sportswear supplier for Chelsea
Football Club since 2006. This mutual agreement on early termination of
the agreement will allow Chelsea Football Club to enter a new equipment
agreement with a competitor of adidas AG.
“It will 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 Football Club in 2017 that
will already positively impact the Group’s net income this year.”