Nike announce deal with Chelsea worth reported $70m per year

Nike formally announced on Thursday that it has signed a deal with Chelsea that will see the world's largest shoe and apparel company outfit the English Premier League team.

Chelsea, who had six more seasons with Adidas, confirmed the agreement, calling it the "largest commercial deal in the club's history."

Chelsea confirmed in May that they were ending a partnership with the German sportswear firm six years early at the end of June 2017. That deal was reported to be worth £30 million annually.

The length of the deal and the terms were not disclosed, although reports had tabbed it as a 15-year deal at more than £60 million a year -- a total of £900m.

"Chelsea is a world-class club with a rich tradition and passionate fans across the globe," said Nike brand president Trevor Edwards. "The partnership with Chelsea reinforces our leadership position in football. We are excited to help grow the club's global reach, serving players and supporters with Nike innovation and design."

Chelsea director Marina Granovskaia said the new deal will offer the west London club a unique opportunity in brand development.

"This is an incredibly exciting and important deal for the club," she said. "Like Chelsea, Nike is known around the world for its excellence and innovation and we look forward to working together in what is sure to be a successful partnership."

"We believe Nike will be able to support our growth into new markets as well as helping us maintain our place among the world's elite football clubs."

As part of the partnership which starts for the 2017-2018 season, Nike will supply kits for the Chelsea first team and also the academy and women's sides as well as a line for fans.

After losing Manchester United, Chelsea will be only Nike's second Premier League team, joining Manchester City. The two teams, however, have won three of the last five league titles.

Nike's other big football team deals include Barcelona and Paris Saint-Germain. Nike also sponsors the United States, Brazilian, French and England national sides as well as Neymar and Cristiano Ronaldo.

Manchester United's deal 10-year deal with Adidas, which started for the 2015-16 season, was worth a total of £750m.

Spanish giants Barcelona are said to receive £120m-a-year from the extension of their agreement with Nike, while Real Madrid reportedly get £106m in a 10-year Adidas deal.

Adidas' partnership with Chelsea began in 2006.

Information from Press Association was used in this report.