Italian soccer icons AC Milan will return to Adidas for the first time in 10 years after reportedly striking a new agreement with the German sportswear giant, which will replace Puma as the team’s official kit supplier once again.
This new agreement will begin with the 2028-29 campaign, and is reportedly worth €500 million ($561.8 million) across 10 years, or €50 million per season.
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If true, that figure will put AC Milan on a par with domestic rivals Juventus, who also receive around $56 million per year from Adidas, and well in excess of the €30 million per year bitter city rival Inter Milan are receiving from Nike through 2031.
Adidas previously served as AC Milan’s kit supplier between 1978 and 1980, between 1990 and 1993, and then again between 1998 and 2018, providing some of the team’s most iconic kits, coinciding with a period where the team won multiple Serie A and UEFA Champions League titles.
Adidas replaced German rival Puma back in 2018, paying around €12 million per season. That deal was extended in 2022, upping the value to €25.2 million per year, immediately after Milan won its first Serie A trophy in a decade.
Providing a key revenue boost is key for Milan at the moment.
The club closed the 2025-26 financial year with €464.6 million in revenue (down 6% on the year prior), and a net loss of approximately €24 million, having missed out on European competition.
Furthermore, at year-end, Milan’s net financial debt stood at €145.3 million, compared with approximately €92 million in the previous fiscal year.
The increase in debt was attributed to “the strategic use of credit facilities to support the club's investment program, growth initiatives, and long-term development projects.”
Despite posting a loss, the club's core revenue streams performed strongly. Commercial income was up again, with sponsorship revenue surpassing €100 million for the first time in Milan's history, illustrating the value of the AC Milan brand for partners such as Puma, and now Adidas.
AC Milan departing from Puma leaves the brand with only two Serie A contracts, Parma Calcio and US Sassuolo, both of which represent nowhere near the media value that AC Milan provides, thanks to its participation in UEFA continental competition and consistent positioning at the top of the Serie A table.
Adidas, for its part, is already the kit supplier for a number of Serie A sides, including AS Roma, Como 1907, and US Lecce, as well as the aforementioned Juventus partnership.
This means that, with the AC Milan Agreement, Adidas could supply as much as a quarter of all Serie A teams, provided none of these are relegated by the time the deal begins.
