Manchester United plc has reached a ten year, £750m sponsorship agreement with adidas.

This afternoon's announcement follows the news less than a week ago that American sportswear giant Nike would not be renewing its current deal with the club at the end of next season, after a contract period of some thirteen years.

According to reports the deal with Nike has been worth around £23m to Manchester United. But in a statement Nike insisted the agreement no longer respresented good value for its shareholders.

The new ten year agreement with adidas is for a global technical sponsorship and dual branded licensing deal.

In a statement, the club says that the deal is "for a minimum guarantee of GBP 750 million, subject to certain adjustments, beginning with the 2015/2016 campaign".

For the 2014/2015 season, Nike will continue in its role of technical sponsor and trademark licensee.