Chelsea Football Club and adidas AG announced today that they have mutually agreed to terminate their existing partnership agreement prematurely.
Herzogenaurach, 16-May-2016 — /EuropaWire/ — 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.
adidas AG wishes to expressly thank Chelsea Football Club for their always professional and successful collaboration, which has included, among other successes, the time of their UEFA Champions League title in 2012 as well as two Premier League titles.
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