BERLIN – Adidas (IW 1000/231), the German maker of sportswear and equipment, confirmed Monday they will not renew their contract with the American Basketball Association (NBA) when it expires at the end of the 2016-2017 season.
The German giants have had a deal with the NBA since 2006 when they took over the contract held by Reebok (IW1000/610) which Adidas purchased for three billion euros.
"We have decided to not renew our partnership as official outfitter of the NBA after our current contract expires following the 16-17 season," Adidas said in a statement.
"We are reshaping our business and have evolved our strategy to look at new, cutting-edge ways to drive our brand and support our business over the long term.
"We will invest more in telling stories that matter to our consumer, building category-disrupting innovative products, reinvigorating youth basketball with our new Next Generation programs and doubling our roster of professional athletes to authenticate our brand on-court."
As part of a strategic re-positioning, details of which will be unveiled next week, Adidas have indicated they want to individually sponsor 500 new athletes in sports such as basketball, football and baseball.
Copyright Agence France-Presse, 2015