What We're Reading
Report: Nike, Man United End Association
- Reuters, Tuesday, July 8, 2014 11:55 AM
U.S. sportswear giant Nike is expected to pull out of a long-running deal to supply English Premier League club Manchester United with its uniforms when its current deal expires next year, Reuters reports. Nike’s withdrawal is expected to pave the way for the club to sign a lucrative new deal with German sports retailer Adidas.
"Clearly Nike's football business is booming and they could easily afford to do this (deal). They had the right to match any other offer but looking at the deal on the table, they will walk away as it doesn't make commercial sense," an unnamed source said. United received around $64.7 million from the Nike deal in 2012-13, including a share of profit from the sale of its merchandise around the world. Recent media reports suggested the club is looking for a new deal worth close to 60 million pounds ($102.7 million) per season.
