Celtic Set to Renew Nike Agreement

According to the Daily Record, Celtic are set to agree a £29m cash boost with a new Nike kit deal. Reports are saying that the figure was actually around £25m but this could rise to a hefty £29m. The deal is set to go through and come into effect as from July next year, a deal that will run for five years. Nike will include bonus payments for the club should Celtic finish in certain stages of European competitions.
As everyone is currently facing the credit crunch, this deal will be seen as a very impressive one for the Scottish Football Club whilst banks and financial institutions continue to have a hard time with the recession.
Celtic Chief Executive Peter Lawwell managed to secure another sponsorship deal with Nike as their current deal will run out this season meaning that Celtic will receive a whopping £25m at the end of this season. Having such a healthy financial back up meant that it made sense to re-establish another contract with Nike at such time.
Going into 2009 knowing the fact that they have a substantial kit deal worth millions that will run into 2015 will be a great boost for the club. According to reports, it was Lawwel who managed to convince Nike to improve the deal as otherwise, Celtic would have settled for less amount.