Sports News | Brazil Extends Nike Kit Deal to 2038 and It''s Worth $100 Million Per Year, AP Source Says
Get latest articles and stories on Sports at LatestLY. Brazil soccer extended its kit deal with Nike by 12 years to 2038.
Sao Paulo, Dec 7 (AP) Brazil soccer extended its kit deal with Nike by 12 years to 2038.
A person familiar with the agreement told The Associated Press it was worth $100 million per year, plus royalties on the sale of national team shirts which were not included in previous contracts.
The person spoke on condition of anonymity because they weren't authorized to disclose the terms of the deal.
For the first time, the Brazilian Football Confederation will also be allowed to license products and open stores worldwide.
“This contract shows the strength of Brazilian soccer,” CBF president Ednaldo Rodrigues said. “This is one of the longest and most successful partnerships in soccer and, together, we will keep celebrating the brilliance of Brazilian soccer and honor the jogo bonito legacy.”
Brazil and Nike first paired up in 1996, and their latest contract wasn't going to expire until 2026.
Nike's vice president for Latin America, Doug Bowles, said the deal “strengthens our old commitment with Brazilian soccer.”
Nike kits are worn by Brazil's men's and women's teams of all ages, plus by the beach soccer and futsal teams.
In March, Nike signed a deal with the German soccer federation to replace Adidas as the provider of apparel and equipment for its national teams from 2027 to 2034. The agreement was reportedly worth about 100 million euros ($108 million). Germany's relationship with Adidas goes back some 70 years and appeared unshakeable.
Other national teams sponsored by Nike include Australia, Croatia, England, France, Nigeria, Poland, Portugal, Saudi Arabia, and South Korea. (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)