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Adidas spends $1.3 billion for Manchester United sponsorship after Nike backs away

Manchester United's manager David Moyes is seen during

Manchester United's manager David Moyes is seen during their English Premier League soccer match against Everton at Goodison Park in Liverpool, England, on April 20, 2014. Photo Credit: AP / Clint Hughes

MANCHESTER, England - Manchester United has secured the most lucrative kit deal in football, announcing that Adidas has agreed to pay $1.3 billion over 10 years to take over the sponsorship from Nike.

The deal, worth $128 million a year from 2015, was announced after Nike decided that trebling the cost of its existing 13-year equipment supply contract was not good value for the company.

The eagerness of Adidas to make the United kits is evidence of the durability of United's brand value despite its worst-ever Premier League campaign.

Nike has one more season as kit maker, recently unveiling jerseys featuring a gold Chevrolet logo for the start of the American automaker's $559 million, seven-year jersey sponsorship deal with the team.

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