Nike Inc. has reached an agreement on a new £400 million 12-year extension to its deal with England’s national football team, according to a report in Sky Sports.
The deal will include all of the England national teams. The cost marks modest improvement on its existing deal, which expires after the 2018 World Cup in Russia.
For the first time, the deal includes contingency clauses, including financial penalty if the senior men’s team fails to qualify for the World Cups and European Championships from 2020. Incentive payments would also be paid depending on how far the team advances.
Nike replaced Umbro in 2013. Previously, Umbro had been England’s kit supplier since the 1950s.
