Tuesday, December 11, 2012
BRAZILIAN CLUB CORINTHIANS EXTENDS LUCRATIVE DEAL WITH NIKE
Brazilian club Corinthians has sealed its second major commercial deal in a matter of weeks after negotiating a lucrative extension to its kit partnership with Nike.
The current agreement between the Sao Paulo club and the American sportswear giant was due to expire in 2014, but Corinthians president Mario Gobbi has confirmed that the two parties have agreed terms to extend the deal through December 2022.
Nike has partnered Corinthians since 2003 and the new deal has been reached as the Copa Libertadores champion prepares to make its FIFA Club World Cup bow in Japan.
The Marca Brasil website reports the new contract is worth US$144.2 million to Corinthians, making it the largest kit deal in Brazilian football history. The current agreement pays the club around $7.9 million a year.
The Nike deal comes after Corinthians last month agreed a shirt sponsorship contract with Caixa Econômica Federal, with the club claiming that the agreement marked the most lucrative of its kind in Brazilian football.
Government-owned financial institution Caixa will pay $14.9 million for the right to display its logo across the front of the club’s shirts until the end of 2013.