Argentine Primera División football club River Plate has confirmed it has agreed to a lucrative extension of its partnership with Adidas.
The German sportswear giant will remain the Buenos Aires-based club’s kit manufacturer for the next six years in a deal that will culminate in 2021. According to the Reuters news agency, the deal will generate the club $10m (€9.4m) per year. River’s existing contract with Adidas was due to expire in 2018.
“The contract was increased by 70 per cent and approved at a board meeting and ratified by a (club) members’ assembly,” Luis Landoni, River Plate’s marketing president, told Reuters. “The 10 million dollars a year (is) for sponsorship, bonuses and prizes for objectives achieved by the team.”
The deal becomes the most lucrative such agreement in Argentine club football, surpassing Boca Juniors – River’s arch rival – and its $8m-a-year partnership with US sportswear brand Nike.
The fresh agreement with Adidas also marks the latest step in River’s revival following its relegation from the top division of Argentine football in June 2011.