English footballing giants Chelsea and German kit sponsor Adidas end six year deal early as Blues look to secure new sponsor
Both Stamford Bridge club, Chelsea and German sportswear giants agree mutual termination on six year agreement.
Chelsea were contracted with the sportswear giants until 2023 but both parties have agreed to a mutual termination to take place at the end of the 2016/17 campaign.
The Stamford bridge side Chelsea, will provide compensation for the £30million-a-year contract, and it is believed they have secured a sponsorship with one of the German companies’ rivals.
A statement on Chelsea’s website read: “Chelsea Football Club can confirm we have mutually agreed with adidas to end our longstanding partnership at the end of the 2016/17 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.”
Adidas posted on their official website: “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.