Chelsea have cut short their six-year kit sponsorship deal with adidas.
The Stamford Bridge club, only last year signed a £30 million-a-year contract with the German manufacturer until June 2023. Both parties have now agreed to terminate the agreement when next season ends.
The sportswear giants claim the Blues are ending the deal, so they can sign another deal with an unnamed competitor. As a result of this, Chelsea will pay adidas an undisclosed compensation fee.
A statement from adidas read: “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.
“adidas has been sponsor and sportswear supplier for Chelsea Football Club since 2006. This mutual agreement on early termination of the agreement will allow Chelsea Football Club to enter a new equipment agreement with a competitor of adidas AG.
“It will allow adidas AG to continue to implement its sports sponsorship strategy as set out in its strategic business plan ‘Creating the New’. Under this plan, adidas AG will partner with fewer assets on a team level.
“As compensation for the early termination of the contract, the adidas Group will receive a payment from Chelsea Football Club in 2017 that will already positively impact the Group’s net income this year.”
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