EPL club Chelsea's kit deal with adidas will "end six years earlier than planned, paving the way" for the club to "sign a more lucrative deal with a rival sportswear group," according to Shotter & Ahmed of the FINANCIAL TIMES. adidas' deal with Chelsea "originally had been scheduled to run" through June '23, but it "will now finish" following next season. Chelsea and adidas have been partners since '06, but the club "has had a disappointing season, slipping down the league table, and failing to qualify for the prestigious Champions League tournament next year." adidas said that the decision to end the deal early "had been reached by 'mutual agreement' and under its new strategy it planned to sponsor fewer individual football teams." A source said that the decision "came after a review of Chelsea’s sponsorship deals led club executives to believe its arrangement with Adidas was well below current market value." The source added that the club is "in advanced discussions with a new sponsor." adidas said that as a "result of the early cancellation of the contract it would receive a one-off payment from Chelsea." Shotter & Ahmed note the charge "will be booked in the second quarter of the year and will have a 'mid-double-digit-million euro' impact on its net profit" (FINANCIAL TIMES, 5/12). The London INDEPENDENT notes Chelsea's new partner "is believed to be Nike, although no official announcement has been made." Chelsea unveiled its new adidas kits for the '16-17 season last week, but the designs "have been criticised by supporters, for both the style and the cost" (London INDEPENDENT, 5/12).
