Chelsea Football Club and its long-time kit sponsor Adidas have agreed to end their partnership six years earlier than planned.
The deal was supposed to last until 2023 but it will now come to an end on June 30, 2017.
The move appears to suggest Chelsea has opted to switch to a more lucrative partnership with an Adidas competitor.
As a result of ending the deal early Adidas will receive a payment from Chelsea in 2017 that will “already positively impact the group’s net income this year,” the German sports brand said in a statement. The group’s net income is now forecast to increase around 25% in 2016, according to Adidas.
Adidas’ stock was down 0.74% to €111.30 at the time of writing.
Chelsea also confirmed the mutual decision in a statement on its website.
Adidas has been the London-based football club’s sponsor and sportswear supplier since 2006.
Adidas adds that it will also allow the company to move ahead with its new strategic business plan called “Creating the New,” which will see it partner with fewer sports teams.
Chelsea and Adidas had only just announced the team’s new home kit for the 2016/17 season last week.
Chelsea is currently 9th in the Premier League, with one game to go before the end of the season.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.