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HERZOGENAURACH, Italy — Adidas AG extended its sponsorship of the German Football Association until 2022, paying about twice the amount of its previous agreement.
The sportswear maker will pay €50 million ($57 million) a year, chief executive officer Herbert Hainer said at a press conference in Paris Monday. Adidas would have liked to extend the partnership beyond 2022, though the association, known as the DFB, wanted a shorter deal, he said.
Adidas last week forecast record soccer sales this year as business is boosted by the monthlong European championship being played in France. The company has sponsored the DFB for more than 60 years.
By Aaron Ricadela and Paul Jarvis; editor: Matthew Boyle, Thomas Mulier and Alastair Reed.
