CHELSEA WILL END their partnership with Adidas at the end of the 2016-17 campaign, paying the sportswear manufacturer a compensation fee to terminate their agreement six years early as they plan to agree terms with a new equipment supplier.
The Stamford Bridge side – who have mounted an abysmal Premier League title defence and can finish no higher than ninth this season – and Adidas had been working together since 2006.
“Chelsea and Adidas 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,” a statement from Adidas reads.
“Adidas has been sponsor and sportswear supplier for Chelsea since 2006. This mutual agreement on early termination of the agreement will allow Chelsea to enter a new equipment agreement with a competitor of Adidas.
As compensation for the early termination of the contract, Adidas will receive a payment from Chelsea in 2017 that will already positively impact the Adidas Group’s net income this year.
“Adidas wishes to expressly thank Chelsea 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.”
Chelsea, meanwhile, have also confirmed their partnership with Adidas is due to come to an end after next season.
“Having begun our relationship in 2006, we would like to thank Adidas for their fantastic support and cooperation over the past 10 years.
“In that time the club has lifted the UEFA Champions League, UEFA Europa League, two Premier League titles, four FA Cups and two League Cups, and we look forward to a successful final year of partnership.”
The42 is on Snapchat! Tap the button below on your phone to add!
