Nike has locked up top Premier League soccer team Chelsea F.C. with a new deal worth as much as £60 million (that's around $87 million) per year, Bloomberg reports. Nike's Chelsea sponsorship is said to last 10 years and begin in 2017.
Chelsea previously signed with adidas via a 10-year deal that was originally set to run from 2013 to 2023. According to Bloomberg, the English soccer club had to pay more than €50 million to end its existing contract with adidas early. The brand announced last week that a mutual decision between it and Chelsea was made to end their agreement in order to let the team "enter a new equipment agreement with a competitor."
Nike's not announced or confirmed the sponsorship yet, which would presumably go into effect after June 30, 2017, the new end date for Chelsea's adidas contract.