Chelsea, Adidas Finalize $450M Kit Extension, Marking Club's Biggest Deal Yet
Chelsea and adidas have agreed to a 10-year contract extension of their kit deal worth $450M (all figures U.S.), according to the PA. Chelsea announced its "biggest deal to date" on Friday after CEO Ron Gourlay negotiated the agreement directly with adidas Chair & CEO Herbert Hainer. A source confirmed the deal was worth $45M annually, or around $447.4M in total through '23. It is significantly more than the reported $27.8M a season "received from Samsung for shirt sponsorship," which means Chelsea "are less reliant" on Owner Roman Abramovich and can adhere to UEFA's Financial Fair Play regulations (PA, 6/21). In London, Neil Ashton reported Chelsea’s negotiating power "has been strengthened by their increasing supporter base around the world after their Champions League final victory over Bayern Munich in 2012." The club has "huge support" in North Africa and the U.S., something that "proved to be a huge bargaining chip for the club" in its negotiations. Gourlay and Hainer "have been discussing the deal for months" (London DAILY MAIL, 6/21).