German maker of sportswear brand “Adidas” has, confirmed that it will not renew its contract with the American Basketball Association (NBA) when it expires at the end of the 2016-2017 season.
The German giant had a deal with the NBA since 2006 when it took over the contract held by Reebok which Adidas purchased for three billion euros but Adidas has seen its share of the US market continually shrink and it is now third after Nike and Under Armour.
“We have decided not to renew our partnership as official outfitter of the NBA after our current contract expires following the 16-17 season,” Adidas said in a statement.
“We are reshaping our business and have evolved our strategy to look at new, cutting-edge ways to drive our brand and support our business over the long term the statement added.