PSG and Nike said to be closing in on new deal worth ~€100m

Paris Saint-Germain (PSG) and Nike appear to be closing in on a new kit deal six years before the current one expires, according to L’Équipe. This new one would run 2037 and lift PSG’s annual take from around €60 million to nearly €100 million.

In the latest earnings call Nike’s Chief Executive, Elliott Hill, said the company was “not living up to our full potential” when it came to Sportswear and Jordan Streetwear lines, with “challenged” sell-through. Jordan Brand is the line carrying PSG’s kit exclusivity.

Neither the club nor the company has confirmed the deal. L’Équipe reports that talks began after PSG’s first Champions League title, at the end of the 2024/25 season, when club President Nasser Al-Khelaïfi asked his team to renegotiate six years before the existing contract’s expiry. Nike has supplied PSG’s kit since 1989.

Should the reported terms hold, PSG would sit just behind Barcelona in the list of football teams with the best-paid kits. Barcelona’s own Nike contract, agreed in November 2024 and undisclosed by either party, is reported to be worth about €127 million a year through 2038 – up from about €100 million previously. Nike’s two largest football sponsorships have risen in value within two years of each other.

Why Jordan?

Under this new deal PSG would likely remain the sole football club carrying a Jordan Brand tie-in for several more seasons. The arrangement has no contract of its own, residing instead within the master Nike deal and renewing whenever that deal does. In other words, Jordan’s exclusivity has never been a standalone bet that the brand keeps choosing to renew. It moves in tandem with PSG’s kit deal.

The partnership began in 2018 as Jordan Brand’s first football tie-up, and was structured to prevent any other club anywhere from wearing the Jumpman logo. Jordan’s own Vice President of Design has said the arrangement was inspired in part by a visual coincidence: the silhouette of the Jumpman logo and the Eiffel Tower emblem inside PSG’s crest are, in his words, “nearly identical,” and the pairing has been designed into products as recently as this past season.

According to some reports, the exclusivity came close to ending in January 2024, over a “dwindling” of sales that followed upon two things: the exits of Neymar and Lionel Messi and PSG’s lackluster performance in the Champions League. According to other reports, the collaboration was to continue, and PSG did improve on the field the following season.

Jordan Brand’s latest full-year revenue fell 3 percent to $7.034 billion, while PSG remains the only club in world football to wear the Jumpman. Together these things suggest that Nike is not trimming the one property tied to a line it has just admitted is underperforming but is instead choosing to pay more for it.

A shrinking Jordan Streetwear business still needs its flagship distribution channel, and PSG, win or lose commercially, is the only club-level channel Jordan has. Cutting the exclusive now would strip the weakest part of Nike’s portfolio of its single most visible showcase when the company can ill afford to lose it.

A barbell, not a blowout

As we’ve reported, Nike’s full fiscal 2026 revenue was flat, and net income fell 3 percent to $3.1 billion, with the stock trading near an 11-year low when the company’s results were released. Hill has said the turnaround will not show up in earnest before fiscal 2027. Yet Nike seems to be reversing course on its elite football deals.

It is set to take over Germany’s national team from Adidas in 2027, ending a partnership that had run more than seven decades, and it retained France’s federation for 2026 through 2034 on terms reported to be well above the roughly €50.5 million of the prior cycle. Both achievements came alongside the reported PSG and Barcelona increases.

Nike will at the same time be losing several mid-market national federations once the World Cup ends: Turkey (after 23 years), Croatia (after 26), Poland and the Czech Republic are due to move to Adidas. Trade coverage has framed the pattern as a reversal of Nike’s 2019-23 retreat from football, during which the company lost Portugal, Galatasaray and RB Leipzig to Puma, along with the CONMEBOL and Premier League ball contracts. Nike appears to be concentrating at the top end of the sport rather than covering the pro spectrum.

If the PSG figures are accurate, Nike would not be spending indiscriminately during a downturn. It would be narrowing its football bets to a handful of the biggest names in the sport, while letting the middle tier go to its rivals.

What to watch

Nothing here is official. Neither PSG nor Nike nor Barcelona has disclosed contract values, and L’Équipe’s report on PSG rests on the word of anonymous sources. We’ll be watching for official confirmation from either party, an eventual revision of the Barcelona figures at Nike’s next earnings call, or similar rises in Nike’s next tier of clubs (e.g., Manchester United) once their own deals come up for renewal.