Nike announced a new deal with massively popular British soccer club Chelsea F.C. on Thursday. The brand's official acknowledgement of the partnership comes after reports in May that Chelsea had ended its deal with then-sponsor Adidas early to hook up with the Swoosh.
While Nike doesn't disclose the financial terms of the deal in its press release, Bloomberg pegged it as being worth as much as $87 million annually.
Nike also leaves out the length of the deal, which is said to run for 10 years. The brand will become the official kit sponsor for Chelsea F.C. beginning with the 2017-18 season in what it's calling "the largest commercial deal in the club’s history."
"Chelsea is a world-class club with a rich tradition and passionate fans across the globe," said Trevor Edwards, Nike brand president. "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."