Manchester United have announced a 10-year contract with the German manufacturers Adidas to be the club’s new kit sponsor for a record-breaking minimum £750m.

The agreement commences at the start of the 2015-16 season and ends Nike’s 13-year relationship with United.

A club statement said: “Manchester United plc has reached a 10-year agreement with Adidas for a global technical sponsorship and dual-branded licensing deal for a minimum guarantee of £750 million, subject to certain adjustments, beginning with the 2015-2016 campaign. For the 2014-2015 season, Nike will continue in its role of technical sponsor and trademark licensee.”

As reported in the Guardian in January, the contract dwarfs the £30m a-year terms agreed by Arsenal with Puma in that month.