Chelsea buys out adidas deal 6 yrs early to sign with rival
ABS-CBN Sports on May 12, 2016 10:46 AM
Chelsea's Eden Hazard, left, vies for the ball with Tottenham's Kyle Walker during the English Premier League soccer match between Chelsea and Tottenham Hotspur at Stamford Bridge stadium in London, Monday, May 2, 2016. (AP Photo/Frank Augstein)LONDON (AP) — Chelsea is buying its way out of a sponsorship with sportswear giant adidas six years early to sign up with a rival jersey maker.
Adidas has been a sponsor and sportswear supplier of Chelsea since 2006, with the Premier League club signing a new 10-year-deal in 2013 worth a reported 30 million pounds (now $43 million) a year.
The German company said Wednesday that it will receive compensation from Chelsea to end the deal early at the end of the 2016-17 season, allowing the London club to "enter a new equipment agreement with a competitor."
Adidas, which also makes the Manchester United kits, said it will "partner with fewer assets on a team level."
Chelsea began a five-year jersey sponsorship with Japanese tire manufacturer Yokohama this season.
The club's standing in soccer has taken a hit this season because of a miserable defense of its Premier League title. Chelsea can only finish in ninth place, at best.