adidas, Herzogenaurach, Germany, has reached a mutual agreement to end its sponsorship of English Premier League club Chelsea on June 30, 2017.
adidas has sponsored Chelsea since 2006, and its current deal was slated to last until 2023; in order to revoke the contract, Chelsea will have to pay adidas tens of millions of euros in compensation, though it is free to sign a new sponsor, according to the BBC.
Because of the payment, adidas’ profits are expected to rise significantly above the original 15%-18% forecast for the year.
“adidas … 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,” adidas said in a statement.
Though Chelsea has an impressive history with adidas as the apparel sponsor, the club currently sits firmly in ninth place — middle of the Premier League table — with only one game left to play in the current season.
For more information, visit chelseafc.com. — J.B.