Adidas could not match Nike's offer for Germany soccer federation, CEO says

Paris 2024 Olympics - Adidas Olympics Outfits Launch - Adidas Arena, Paris, France - April 18, 2024 Adidas CEO Bjorn Gulden during the launch Sarah Meyssonnier

LONDON - Adidas CEO Bjorn Gulden said the German brand could not match Nike's offer for Germany's national soccer federation sponsorship, after the U.S. company beat Adidas on its home turf last month to end its 70-year partnership with the federation.

Nike outbid Adidas to become the official supplier for the German Football Association (DFB) and will supply all national teams from 2027 to 2034.

"I'm not annoyed at all," Gulden said in response to a question during a press conference.

"We are a company that needs to balance cost and revenue and the price that is quoted in the press that our competitor paid is not something that we will pay," he added.

Source: Reuters