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