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Business

Adidas nets longer sponsorship contract with FIFA

German sports gear manufacturer Adidas has sealed a deal with football's governing body, FIFA, extending the firm’s long-term sponsorship. Adidas will be the offical supplier and hold licensing rights for the World Cup.

On Thursday, the German sports gear manufacturer announced that its long-standing sponsorship agreement with FIFA would now extend to 2030, completing a 60-year mutually beneficial partnership.

The value of the deal was neither disclosed by Adidas nor by FIFA. But FIFA's top-tier sponsorships are currently estimated at about 74 million euros ($100 million) for a single four-year World Cup cycle.

“This unique partnership ensuring our presence at all forthcoming World Cup tournaments will help Adidas enhance its position as the world's top football brand,” Adidas Chief Executive Herbert Hainer said in a statement.

Adidas, which is the world's second-largest sportswear maker after the US-based company Nike, is granted far-reaching marketing rights, and will also provide the "Brazuca" ball for next year's FIFA World Cup in Brazil.

Following weak earnings this European summer, Adidas hopes to boost sales by 300 million euros to a total of 2 billion euros on the back of the 2014 tournament.

Adidas is among six top-tier FIFA World Cup partners, also including Coca-Cola and Hyundai, both of which recently extended their contracts through 2022.

FIFA is estimated to have earned over 740 million euros from the 2010 World Cup in South Africa.

uhe/mkg (Reuters, AP, AFP, dpa)