Nike set to cut ties with Manchester United

Nike is reportedly cutting ties with Manchester United by not renewing a long-running kit supply deal with English soccer club because of the cost of a new contract.

The US sportswear company has been supplying United's famous red jerseys since 2002 but the current agreement expires next year. Its withdrawal is expected to clear the way for the club to sign a lucrative new deal with German sportswear company Adidas, News 24 reported.

Media reports had suggested the club was looking for a new deal worth around 60 million Euros per season, the report added.