Nike Nears Sponsorship Deal With Chelsea FC

Chelsea FC and Nike Inc. are in advanced talks to sign an outfitting rights deal valued at $75 million per year for the English Premier League club, a person familiar with the matter said. If signed, the deal would solidify Chelsea’s transition to the chief rival of its current kit supplier of a decade, Adidas AG . Terms of the deal weren’t finalized, this person said. Both Adidas and Chelsea announced last week that they would part ways after the 2016-2017 season, ending their current contract six years early. As part of the agreement, Chelsea agreed to pay the sportswear maker an early-termination une paire de nike. Chelsea this month wrapped up a lackluster season in the English Premier League, finishing in the middle of the standings and out of lucrative Champions League qualification just a year after winning the EPL. Unheralded Leicester City FC won this year’s championship in one of the most unlikely sports upsets in recent history. Nike, which currently outfits Manchester City FC, has ceded some of its top English soccer assets to rival sportswear firms in recent years, after Arsenal and Manchester United signed contracts with Puma AG and Adidas, respectively, in 2014. News that Nike was in talks with Chelsea was earlier reported by The Telegraph.