Real Madrid’s billion euro-plus deal with sporting goods company adidas is a done deal, according to Spanish press reports.
According to Spanish sports title Marca, Real Madrid president Florentino Pérez had the deal ‘up his sleeve’ at the club’s General Assembly to announce its 2017-18 financial results in September.
Details of the proposed deal had previously been leaked to the German newspaper Der Spiegel in collaboration with Football Leaks in May last year. The current agreement with adidas expires the end of 2019-2020.
Under the new deal, Real Madrid will collect a minimum of €110m per year over 10 years. from 2020-2021 and 2029-2030. A further €50m could be received depending on the club hitting certain targets.
Real Madrid’s next commercial target is connected to the redevelopment of the Santiago Bernabéu stadium. Pérez said at the weekend that redevelopment work is set to begin very soon.
“This work will see the arena become the best stadium in the world and one of the leading cutting-edge architectural iconic in Madrid, whilst it will also offer new resources and revenue sources for our club,” he said.