Rumors of a deal between Nike and English football club Chelsea have been ongoing since the team parted ways with Adidas in May. Today, the brand and the team made their partnership official.
Nike and Chelsea confirmed the $73 million per year sponsorship today. The long-term partnership is expected to last through 2032 and marks the first time that Nike will outfit the Premier League club. It’s also notable for being the largest commercial deal in Chelsea’s history, which dates back to 1905.
Beginning in the 2017-18 season, Nike will become the club’s official kit supplier, which will see Swoosh-branded uniforms for the first team along with the Academy and Ladies teams.
“This is an incredibly exciting and important deal for the club,” said Chelsea director Marina Granovskaia. “Like Chelsea, Nike is known around the world for its excellence and innovation and we look forward to working together in what is sure to be a successful partnership. We believe Nike will be able to support our growth into new markets as well as helping us maintain our place among the world’s elite football clubs.”
Nike president Trevor Edwards also chimed in with his thoughts on the deal: “Chelsea is a world-class club with a rich tradition and passionate fans across the globe. The partnership with Chelsea reinforces our leadership position in football. We are excited to help grow the club’s global reach, serving players and supporters with Nike innovation and design.”
The deal is reported to be worth an estimated £60 million per year, which converts to over $73.2 million USD at current exchange. Over the 15-year duration of the deal, Chelsea stands to make as much as £900 million — more than $1 billion USD at current exchange.
Back in May, Chelsea ended its kit deal with Adidas six years earlier than expected, a move that cost the club approximately $48 million.