World sportswear giant Adidas has decide to part ways with Chelsea Football of England for their sponsorship deal with the club due to poor season of 2015/2016 campaign.
According to report, Chelsea Football was the first party that initiated the termination agreement talk but the sport wears brand also happily welcome the idea and move to bigger club as Chelsea FC had a terrible season, which is not good for the Sportswear company’s image.
However, Adidas has started to sponsor and also supplier of sportswear for Chelsea since 2006, but Chelsea will pay £40m termination fee to adidas after initiating the talks to end the deal as the club also feel they could get better money from sponsors, an irony given that they haven’t had a good season.
Chelsea signed the £30m-a-year deal in June 2013 and were surprised when the company secured a £75m-a-year deal with Manchester United 12 months later. Chelsea believe they have been one of the world’s most successful clubs and the current adidas deal did not reflect their market value.
A spokesperson at Adidas told Sky Sports News HQ
“We will still continue to partner with the club until June 30 2017 and we look forward to the 2016/17 season together.”
“Adidas AG wishes to expressly thank Chelsea Football Club 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.”
“It’s in line with our strategic business plan where we will sponsor fewer teams in the coming years”.
Source: Sky Sports