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Nike ending Manchester United soccer sponsorship

Reuters - UK Focus

LONDON, July 8 (Reuters) - U.S. sportswear company Nike confirmed on Tuesday that it would not renew its kit supply deal with English soccer club Manchester United (NYSE: MANU - news) when it expires next year.

"Any partnership with a club or federation has to be mutually beneficial and the terms that were on offer for a renewed contract did not represent good value for Nike (Sao Paolo: NIKE34.SA - news) 's shareholders," the company said in a statement.

German rival Adidas (Other OTC: ADDDF - news) is expected to replace Nike as a partner of the 20-times English champions.

(Writing by Keith Weir, editing by William Hardy)