Adidas, 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 which Adidas purchased for three billion euros.
But Adidas has seen its share of the US market continually shrink and they are now third behind Nike and Under Armour.
“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 repositioning, 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. – Agence France-Presse