adidas: reducing its number of teams under contract; Chelsea will pay €50m for its early termination

The early termination of its partnership with Chelsea FC (Premier League) "will allow adidas AG to continue to implement its sports sponsorship strategy, as defined in its strategic plan 'Creating the New'. Under this plan, adidas AG will partner with fewer assets on a team level," said the German kit supplier on 11/05/2016.

On the same day, the English club and adidas announced the end of their collaboration, prematurely, "by mutual consent" at the end of the 2016-17 season, six years before the originally planned end of the contract (2022-23). adidas have sponsored the "Blues" since 2006-07.

"As compensation for the early termination of the contract, the adidas Group will receive a payment in 2017 that will already positively impact the Group’s profit in the second quarter of 2016. The impact on the Group’s net income is expected to be in the mid-double-digit million euro range (about €50m)," said adidas.