Barcelona, Nike Agree on New Contract: Latest Details and Reaction

Nike and Spanish football club Barcelona announced an agreement Saturday on a long-term kit deal that's reportedly worth £120 million per year.

The contract extension was confirmed on Nike's official site. Barcelona-based publications Diario Sport and Mundo Deportivo (h/t Reuters, via the Guardian) passed along word of the financial details of the contract that runs to 2026.

Nike's announcement noted the relationship between the brand and the football club originally began in 1998. The previous contract was set to expire in 2018 before they came to terms on the latest extension.

The press release included a statement from Nike president Trevor Edwards:

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FC Barcelona is one of football's greatest clubs, inspiring millions of sports fans across the globe, and we are extremely proud to continue our partnership together.

Our deep relationship with FC Barcelona extends Nike's leadership position in football and we are excited by the opportunity to further grow the world's most global sport.

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Barcelona president Josep Maria Bartomeu added: "We are excited by this new agreement and are confident we will be able to celebrate continued sporting successes together."

It's the most lucrative contract of its kind in the world, according to the Reuters report. Of course, that doesn't come as much of a surprise given the parties involved.

Barcelona are one of the most recognized sports teams in the world thanks to a tradition of immense success. The Blaugrana have captured 24 La Liga championships, including the last two, and five UEFA Champions League trophies along with numerous other domestic, European and world titles.

The current squad is filled with some of the sport's biggest names. It's a group that features the dynamic attacking trio of Lionel Messi, Luis Suarez and Neymar, which allowed the club to average nearly three goals per match in league play this term.

Those factors explain why Barca were rated as the second-most valuable sports team in the world in the most recent Forbes estimates. They checked in with an overall value of $3.56 billion, only a shade behind longtime rival Real Madrid ($3.65 billion).

So it's no surprise Nike wanted to secure a new long-term extension before the previous deal came anywhere close to expiring. It's been a successful partnership for nearly two decades, and there's no reason to believe that won't continue for another 10 years.