Chelsea have ended their sponsorship deal with Adidas six years early in order to enter a new contract with a rival kit manufacturer, the German sportswear giant announced on Wednesday.
The deal, reported to have been worth £300 million ($434.1 million, 379.6 million euros) over 10 years, had been due to end on June 30, 2023, but will now conclude on the same date next year.
Adidas have been making Chelsea's kits since 2006. Chelsea have agreed to pay Adidas compensation.
"Chelsea Football Club and adidas AG announced today that they have mutually agreed to terminate their existing partnership agreement prematurely," Adidas said in a statement.
"This mutual agreement on early termination of the agreement will allow Chelsea Football Club to enter a new equipment agreement with a competitor of adidas AG.
"As compensation for the early termination of the contract, the adidas Group will receive a payment from Chelsea Football Club in 2017 that will already positively impact the Group's net income this year.
"adidas AG wishes to expressly thank Chelsea Football Club for their always professional and successful collaboration, which has included, among other successes, the time of their UEFA Champions League title in 2012 as well as two Premier League titles."
Chelsea's 10-year contract with Adidas, signed in June 2013, was the biggest shirt deal in Premier League history.
It was surpassed a year later by the reported £750 million deal that Manchester United struck with Adidas, who also make the kits of Southampton, Sunderland, Swansea City and West Bromwich Albion.
The identity of Chelsea's next kit manufacturer has not been revealed.
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