England’s Football Association is poised to seal a lucrative extension to its partnership with US sportswear giant Nike, according to multiple reports.
The FA has reportedly agreed a new 12-year deal with Nike worth around £400m (€470m/$504m), which would make it the most lucrative kit deal in the organisation’s history. The Guardian newspaper reported that the deal would be announced later this week or early next week.
According to The Guardian, the expanded deal will include performance-related clauses for the first time, which could result in Nike’s payment to the FA being reduced if England fails to qualify for a major tournament, or increased should the team progress to the semi-finals of a World Cup or European Championships.
These new terms would reportedly come into play for the Uefa Euro 2020 tournament, which will be played across Europe. London’s Wembley Stadium is scheduled to host the Euro 2020 semi-finals and final.
Nike has supplied England’s kit since 2013, when it replaced UK manufacturer Umbro. It is believed that the new deal will make England second only to world champion Germany in terms of financial revenue generated from a kit supplier. Germany’s kit is supplied by Adidas.