Milan targets €500m Adidas return

AC Milan has reportedly reached an agreement for Adidas to return as its kit supplier from the 2028/29 season under a ten-year contract worth approximately €500m.The proposed partnership would generate an average €50m annually, twice the approximately €25m the club currently receives from Puma, and run until 2038.The reported figures would put Milan ahead of Juventus and Inter for annual technical sponsorship income, strengthening a commercial revenue stream as owner RedBird Capital Partners seeks to improve the club’s financial performance.Adidas previously supplied Milan between 1998 and 2018, a period encompassing the club’s Champions League victories in 2003 and 2007.Puma took over in 2018, meaning the anticipated switch would end a decade-long relationship and restore one of Milan’s most recognisable historical brand partnerships.Neither the start date nor the financial terms have been formally announced by the parties in the supplied reports, which describe an agreement expected to be unveiled.At the reported annual value, the Adidas contract would add approximately €25m per season compared with the existing arrangement, before any bonuses or other commercial provisions.That would provide a substantial increase in recurring sponsorship income, although the headline €500m represents the value across ten seasons rather than an immediate payment.The agreement would also place Milan above the reported €408m total value of Juventus’s ten-year Adidas contract and Inter’s approximately €30m annual Nike partnership.Those comparisons concern headline supplier payments, with the wider value of kit agreements also dependent on their individual commercial structures.Milan exceeded €100m in sponsorship revenue for the first time in 2025/26, but still recorded a €24m loss during a season without UEFA competition income.Growing commercial returns is therefore part of a broader effort to strengthen the business alongside restoring regular European participation.The club is also developing a new shared stadium with Inter, with the proposed Generali Stadium intended to increase income from hospitality, matchdays, sponsorship and other events.Generali has secured the naming partnership, although the supplied reports differ over its duration and annual payments, preventing a consistent comparison with the proposed Adidas contract.The kit agreement would provide an earlier increase in commercial income while the stadium project progresses towards its planned opening.For Adidas, Milan’s return would extend its Italian portfolio alongside Juventus, Roma and the national teams, while the brand has separately been linked with taking over Serie A’s official match-ball supply.That combination would deepen its presence across Italian football through club shirts, international fixtures and potentially the league’s match programme.