Nike and Brazil extend kit deal to 2038 [Video]

Sao Paulo, Brazil –

Brazil soccer extended its kit deal with Nike by 12 years to 2038 on Friday.

A person familiar with the agreement told The Associated Press it was worth US$100 million per year, plus royalties on the sale of national team shirts which were not included in previous contracts.

• The information you need to know, sent directly to you: Download the CTV News App

The person spoke on condition of anonymity because they weren’t authorized to disclose the terms of the deal.

For the first time, the Brazilian Football Confederation will also be allowed to license products and open stores worldwide.

“This contract shows the strength of Brazilian soccer,” CBF president Ednaldo Rodrigues said. “This is one of the longest and most successful partnerships in soccer and, together, we will keep celebrating the brilliance of Brazilian soccer and honor the jogo bonito legacy.”

Brazil and Nike first paired up in 1996, …