The previous agreement between the two parties began in 1998 after previous partnerships, and is scheduled to run until 2023.
It also confirmed an agreement with a new kit supplier. The Club is widely reported to be Puma or Under Armour. But the club is yet to confirm the name of the new sportswear.
Italian newspaper Gazzetta dello Sport said that Puma has agreed a multi-year deal, worth between €10m ($11.8m) and €15m per season, to become the club’s new kit supplier. Adidas is said to pay Milan €19.7m a year.
Adidas’ current contract with Milan began in 1998 and the club has since gone on to win 12 trophies, including two Uefa Champions Leagues and three Serie A titles.
Milan signed a 10-year extension to the partnership in 2013 but has chosen to end the relationship prematurely.
Milan said in a statement today (Tuesday): “AC Milan, in thanking Adidas for the consolidated relationship, is happy to announce a new technical partner will soon follow. AC Milan has signed a brand-new agreement with a sports manufacturer for a global technical sponsorship and dual branded licensing partnership that will start from July 1, 2018. The identity of the new technical partner and the details of the new deal will be unveiled in the coming months.”
Adidas started partnering AC Milan in the 1978-79 season, the year of the club’s 10th Serie A title.