FC Barcelona Closing $1.3 Billion ‘Mega-contract' With Nike, Reports MARCA [Forbes]
Nike, Inc. (NKE)
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Source: Forbes
FC Barcelona is in "well advanced" talks with its kitsponsor Nike NKE over a new "mega-contract" which could be worth up to $1.28 billion (€1.2 billion) according to MARCA , which cited anonymous sources. The two parties have worked together since 1998 yet were recently at loggerheads over their arrangement. President Joan Laporta explained on his podcast last month that Barca tried to cancel its Nike contract renewed in 2018 after believing that the American sportswear giant had breached it. "We told Nike that, based on some breaches that for us were flagrant, we were terminating the contract," he explained. "They had 45 days to compensate us, but they did not do it and we communicated that the contract was terminated, to which they responded with precautionary measures that we have responded to and now we are seeing the solution to these measures." "They have tried to improve the contract, but they have made efforts that are not enough because we know that the market pays
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