November 6 – AC Milan will switch back to Adidas from summer 2028 in a 10-year deal worth around $56 million a season, making it one of the most lucrative kit agreements in Italian football history.
The figure marks a huge jump. Milan signed with Puma a decade ago for around $15.7 million a year, and that deal was renewed in 2022 at roughly $33.6 million per season. The new agreement adds more than $20 million a year to the club’s income and changes the value of the Milan shirt significantly.
It is also a homecoming. Adidas supplied Milan in the 1970s, the early 1990s and then for two decades from 1998 to 2018, including the Champions League-winning sides of 2003 and 2007.
For RedBird Capital Partners, the club’s owner, the deal is a major boost. Milan reported a €24 million loss last season after missing out on European football, despite record sponsorship income, and kit deals are among the most reliable long-term revenue streams a club can secure. A 10-year commitment gives the club certainty as it pursues the new San Siro project with Inter.
The deal adds to a strong period for Adidas in Italy. It already supplies the national team, Juventus (€40 million per year) and Roma, and is reported to be replacing Puma as Serie A’s official ball supplier from 2027-28.
For Puma, losing one of its flagship clubs is a setback. Milan has been among its most visible properties in European football, and the move comes in the same week reports suggested it would also lose the Serie A ball contract.
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