Barcelona has signed a new long term contract extension with the American sportswear giants Nike. The deal reportedly means that Barcelona has now surpassed Manchester United as having the most lucrative kit sponsorship deal in the world.

According to the club the details of the deal will be revealed and ratified at the club’s next general assembly. However, it has already been reported that club could be making as much as €155 million a season from the deal.

If the reports are true it would dwarf the current £75 million a season ten year deal that Manchester United signed with Adidas last year.

Barcelona and Nike’s sponsorship deal was due to end in June 2018. In a statement the club said that the new agreement is a “landmark in global football and builds upon a highly successful partnership.”

If the deal is as large as expected it will help considerably to east the strains on Barcelona’s finances, especially with the €420 million renovation of the Camp Nou stadium which is due to start in 2018.

Furthermore, it is expected that the club will announce an extension to Brazilian striker Neymar’s contract, who is a key Nike sponsored athlete, in the coming weeks.

Josep Bartomeu, the president of Barcelona, said that “Through this new agreement with Nike we are extending a strategic alliance for the club, while also reinforcing our global position, hand in hand with the leading global sports brand.”

He went on to say that the club is excited by the new agreement and that he is sure that they will be able to continue celebrating sporting success with Nike.

While Barcelona won the La Liga for the twenty-fourth time this year the team still hasn’t agreed a shirt sponsorship deal for next season as talks with Qatar Airways have stalled.