Sports equipment maker Adidas has managed to secure a sponsorship contract with the Italian national soccer team for the outfit of the European champions starting next year as the company replaced local competitor Puma as for the contract, Adidas said on Wednesday.
According to reports quoting sources with knowledge of the matter, the new sponsorship agreement is for a period of four years and has been valued at roughly 35 million euros ($38.5 million) for each year.
The sponsorship deal covers the club’s men’s, women’s, and even esports teams that are registered with the Italian Football Federation (FIGC). Previously, Adidas has struck deals for supply of uniforms with the national teams in Germany, Spain, and Argentina.
The reports carried no comments from Italy’s FIGC and Adidas both and no specifics of the agreement were provided.
Puma has had a sponsorship deal and other forms of association with the Italians for almost two decades and the Adidas rival will still be furnishing their uniforms for the World Cup in Qatar in November, provided that the team is able to qualify for the main competition.
Puma said that it was not too interested in making too much of a financial commitment for holding on to the agreement with the club, which according to reports quoting sources, is estimated to be worth about 20 million euros per year to the Italians.
“The financials made it a poor business case and we therefore decided to not exercise our matching right,” Puma said in a statement.
(Adapted from Reuters.com)