Last week English giants Manchester United confirmed a 10-year kit deal with Adidas worth a staggering $1.3 billion. That puts United’s annual sponsorship earning from this deal alone at about $128 million.
The next highest kit sponsorship in World football is Adidas’ deal with Spanish heavyweights Real Madrid, estimated to earn the Madrid outfit an estimated $49 million per year, a paltry sum in comparison. This deal has far and wide reaching consequences not only for Manchester United and Adidas but for many other parties. We take a closer look.
Manchester United are obviously the biggest gainers from this deal. A major step up from the annual $41 million that United were receiving hitherto from Nike, the deal adds to the coffers already swollen from the Chevrolet deal that was struck up almost 2 years ago and came into effect this season. The US based auto major GM has committed a deal worth over $600 million for a period of seven years. United will net approximately $70 million in the 2014-15 season from placing Chevrolet’s logo on their shirt with the sponsorship amount to increase by 2.1 per cent in each following year till 2020-21. That also means that United will be receiving an annual total of almost $200 million from these two sponsorship deals alone. With a host of 30 other official sponsors, United’s total earnings from sponsorships alone for the 2015-16 season would cross $300 million.
This doesn’t even include TV rights, winnings and ticket collections. This sponsorship amount will gain increased significance as the financial fair play rules come into force. FFP entails that a club may not spend disproportionately in comparison to its income. A kitty close to $500 million per year could serve United well to buy reinforcements and retain their position at the top of the EPL.
One important factor to consider in all this is the debt brought onto United’s books as part of the Glazer takeover. The club still owes about $700 million in loans that were used to finance the $1.3 billion takeover by the Glazer family in 2005. United currently pays approximately $17 million per annum as interest on these loans. An estimated wage bill of $400 million will add to expenses. Altogether then, the gap between earnings and spendings doesn’t seem to be as ridiculous as the earnings figures in standalone would suggest. Yet the club should have about $100 million on average per year available at their disposal for new player acquisitions.
Other clubs
One major reason many clubs would have welcomed news of United’s mega deal with Adidas is that it sets a precedent in kit sponsorship deals. All clubs would now gain confidence to approach their kit sponsors for better deals. Currently the next best kit deal in world football is Real Madrid’s deal with Adidas.
Another area where this may impact clubs is the FFP. With United earning a substantial amount, their potential spending power in the market would be much higher compared to rivals like City, Chelsea, Arsenal and Liverpool. The only differentiating factor here would be the way the Glazers run the Old Trafford outfit. The Glazers have hitherto shown zero regard for how the club is performing on the football pitch, only concentrating on increasing revenues. Most of the earnings from the club are used to service loans and pay bank charges and interests on the remaining loans. While the club has managed to bring down their debts in the range of $700 million, the club has spent a very insignificant amount on player transfers especially when compared to rivals like City or Chelsea. The prime difference here is that Manchester United today is run as a good business while City and Chelsea are run as good football clubs. The respective owners of the latter two are willing to reroute all earnings into their clubs and add additional funds out of pocket if required. In the case of Glazers, earnings are used primarily to pay off debts. Leftovers are used for player purchase. In the seven years since their take over in 2005, Ferguson made only one big money signing, that of Dimitar Berbatov worth $53 million. This was the same Sir Alex Ferguson who, from his appointment in 1986 up until the Glazers’ arrival in 2005, had broken the English transfer record five times while bringing in Gary Pallister, Roy Keane, Andy Cole, Juan Sebastian Veron and Rio Ferdinand. Till United’s debts are paid off completely, the situation doesn’t seem to be in for a change. While there are rumours that incoming manager Louis van Gaal has been handed funds worth $250 million to rebuild his squad, but if that is true, nobody has seen more than a fraction of that money yet as United’s hitherto two signings – Anders Herrera and Luke Shaw – have, combined, cost less than $100 million.
Adidas
Adidas expects to earn more than $2.5 billion from exclusive replica kit and other branded merchandise sales in the 10-year duration of their association. Many observers commented that Adidas was setting a poor precedent by paying over the top for the kit sponsorship deal. Shareholders however reiterated this stance, when Manchester United’s stock rose by about 3 per cent in the NYSE while Adidas’ stock rose by a similar percentage in the Frankfurt Stock Exchange.
Adidas, significantly, ousted the incumbent kit supplier Nike who had been supplying the kit to United since 1992. Though Nike were given their first right to match, they chose to not exercise the same thus opening the doors for Adidas to takeover as the official kit supplier.
Fans and general public
For fans, the change in sponsor is bad news purely from a financial point of view. United have already released their new Chevrolet branded strip for the 2014-15 season. The kit is supplied by Nike (in their last year) and fans who have already bought the shirt or are planning to buy one soon will find that their Nike branded shirts are obsolete before a year has turned as Adidas will start rolling out their branded merchandise.
Even for the general public, this could easily mean a rise in Adidas apparel prices in general as they look to set off some of the cost of the sponsorship via their consumer channels.
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