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Chelsea agree $87mn-a-year Nike kit deal – reports

Chelsea agree $87mn-a-year Nike kit deal – reports
Premier League giants Chelsea have doubled their current kit deal, signing a seismic $87 million-a-year kit deal with Nike.

According to reports from the Telegraph, the Blues will move to Nike after their current $43 million-a-year deal with Adidas expires at the end of next season.

Despite finishing a disappointing 10th in the Premier League as the defending champions and failing to qualify for the Champions League, Chelsea have proved they are still a powerful global brand by luring Nike to Stamford Bridge.

The decision to part company with Adidas six years early will cost the club $58 million in compensation, with the Nike deal to easily cover that.

Chelsea director Marina Granovskaia is believed to have negotiated the latest deal, and it comes after a series of lucrative commercial moves by the club, with the $57 million-a-year Yokohama partnership and the $14 million-a-year training kit deal with Carabao.

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The deal with Nike is expected to be for at least 10 years, totalling a minimum of $870 million, but is still second behind the most lucrative kit deal in Europe, Manchester United’s $108 million-a-year with Adidas.

Doubling their kit sponsorship income will give Chelsea an extra $57 million per year in Financial Fair Play, under which limits are calculated over a three-year assessment period, with clubs currently allowed to spend around $33 million more than they earn for 2015/16, 2016/17 and 2017/18.

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Chelsea are expected to be highly active in the summer transfer market under new coach Antonio Conte, and it’s likely now the Italian will have complete financial backing after this latest series of commercial moves.