Russian billionaire Roman Abramovich’s London soccer team Chelsea paid 67 million pounds ($81.5 million) to end a long-term apparel deal with sporting-goods provider Adidas AG so it could switch to a more lucrative agreement with the German company’s U.S. rival Nike Inc., club accounts published Friday show. Photographer: Darren Walsh/Chelsea FC via Getty Images
Source: Abramovich’s Chelsea Paid $81.5 Million to Terminate Adidas Deal – Bloomberg
Use the source link to read more about this. In a year where Adidas loses the NBA and lost UCLA to Under Armour, they are also losing one the most high profile Football Clubs in the world to… drumroll… Nike. When Kasper said Adidas would have to spend more on marketing to continue their current growth, they are going to have to spend a lot more. Surprisingly, analysts are not recognizing how Adidas will have to spend because stock prices haven’t budged for the brand. $ADDYY currently sits at 78/share up from 75 at the start of the year. Adidas is becoming resilient which is good for the footwear industry overall.
