Beşiktaş has ended its 17-year partnership with Adidas and signed a new five-year technical sponsorship deal with Nike.

The new agreement with the American sporting goods giant will bring approximately €3 million per season to the Turkish team’s coffers, totaling €15 million.

Turkish media reports that Beşiktaş has already received the full amount of the agreement in advance.

Citing a financial document, local newspapers say the club managed to reduce its debt by €45 million, combining the Nike deal with similar contributions from other sponsors, Tüpraş and Beko.

The agreement with Nike covers the main men’s and women’s football teams and even the youth teams.

“The nobility of our jersey, the fight of our athletes while wearing it, the pride our fans will feel when they wear it, the success we will achieve together, and the indispensable stories of football… All these emotions will become part of history with the signature of Beşiktaş and Nike. We look forward to bringing new success stories to Beşiktaş fans,” declared the president of the Istanbul team, Serdal Adalı.

Beşiktaş finished last season in 4th place in the Turkish league.