Manchester United have agreed a world record kit sponsorship deal with Adidas which guarantees them a payment of £750m over a period of next 10 years.

Manchester United’s agreement with Adidas commences at the start of the 2015-16 season and ends Nike’s 13-year relationship with the Old Trafford side. Adidas emerged as the frontrunner to replace the US based Nike in April and have now clinched a prestigious deal. Nike have been paying £23.5m a year to Manchester United.

Official statement of Manchester United read: “Manchester United plc (NYSE:MANU) has reached a 10-year agreement with adidas for a global technical sponsorship and dual branded licensing deal for a minimum guarantee of €940m, 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.”

Herbert Hainer, Chief Executive Officer of said the deal would help both the parties “to further strengthen our position in key markets around the world”.

“We expect total sales to reach £1.5bn during the duration of our partnership,” he said.

Nike have lost a second big club in English Premier League this season as Arsenal have also discontinued their long standing relationship with them from this year onwards. However, a deal of Manchester United is reported to be worth more than double of Arsenal’s deal with Puma.

Louis van Gaal set to take charge of Manchester United on Wednesday

Louis van Gaal is fresh from the success of Netherlands in the Fifa World Cup and now, he is set to take the charge of Manchester United from this Wednesday onwards.

Louis van Gaal, who guided Netherlands to third place finish in the World Cup, has already declared that he will no longer remain the manager of Oranje after the conclusion of the tournament.

“I like everything I do,” he was speaking to Dutch site NOS. “And because I like it, I don’t mind to continue with the next job. It’s not a problem for me that I’m already going to Manchester on Wednesday. A new experience with new people.”

Manchester United have planned a total revamp of their squad during this transfer window and the most urgent task of Louis van Gaal will be to decide the future of the likes of Nani, Dani Welbeck and Wayne Rooney. Host of players are also being linked with a move to Manchester United and the Dutchman will have to make a decision over possible signings.

“I’ve only met two people from Manchester United so far,” he said. “The chief scout and the CEO.”