MILAN – Puma has greater than doubled the worth of its sponsorship deal to package out AC Milan, a supply accustomed to the matter advised Reuters on Wednesday, because the German sportswear group prolonged its partnership with the Italian soccer champions.
Milan have simply gained the Italian Serie A league title for the primary time in 11 years and U.S. funding agency RedBird Capital Companions has agreed to purchase the seven-times European champions in a 1.2 billion euro deal.
“The partnership represents a continuation of the method AC Milan has undertaken to remodel themselves to be greater than only a soccer model,” the Serie A membership and Puma stated in a joint assertion saying the extension of the deal.
No monetary particulars got within the assertion, however a supply accustomed to the matter stated that Puma can pay simply above 30 million euros ($31.5 million) per 12 months underneath a brand new five-year contract.
Puma and AC Milan declined to touch upon the determine and the period of the brand new contract.
Beneath the prevailing settlement, Puma, which has been AC Milan’s technical provider since 2018, is paying a yearly charge of round 14 million euros.
As a part of the brand new settlement, which is because of begin from Jan. 2023, Puma could have naming rights to AC Milan’s youth sector and ladies staff’s sport centre. ($1 = 0.9513 euros)
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