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United set to sign Nike extension – report

English Premier League football club Manchester United has agreed terms on a five-year extension of its kit partnership with Nike in a deal worth a basic £300m (€351m/$480m), according to the Sun newspaper.

United’s current 13-year deal with the US sportswear giant took effect in 2002 and is worth £302m plus half of the profits gained from merchandise sales.

The current deal is not scheduled to expire until the end of the 2014-15 season but the two parties are understood to have entered into a six-month exclusive renegotiation period earlier this year in an attempt to reach a new agreement.

United has also reportedly secured sales rights for its kit, which could be worth another £15m per year, bringing the new deal’s value up to a total of £375m over its duration.

United and Nike have not commented on the report.