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New Chelsea kit sponsorship deal

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Chelsea has signed a kit sponsorship deal with Nike worth £900m, the largest of its kind in the Premier League.  The 15-year deal is reported to be worth £60m a year.

The size of the contract reflects the rapid rise in the cost of football kit and sponsorship deals as the international audience for Premier League games has grown.

Chelsea ended its previous kit relationship with Adidas in May.   That deal had been worth £300m over ten years, but the club decided that it was well below market value.   

To break away from the Adidas contract, which was due to run until 2023, Chelsea had to pay a penalty of about €50m, but it will recoup that several times over with its new deal.