Manchester United, the world's richest soccer club, has signed a sponsorship and merchandising deal with sports gear giant Nike worth £302.9 million sterling (€507.63 million). The club, which also claims the most supporters in the world, said it would grant Nike exclusive rights to sponsor its uniform and gear, manufacture and sell its merchandise, and operate its existing retail operations. The deal will bring in at least £23 million for United each year.

The 13-year agreement starts on August 1, 2002, although Nike has an option to call it off in 2008.

Nike's payments will be reduced if the team does not finish in the top half of England's Premier League or does not compete in European competitions, the club said in a statement.

Since 1990, it has won the league title six times, the FA Cup four times and the League Cup twice, as well as the European Champions and Cup-Winners' cups and the Super Cup.