Liverpool’s Performance Didn’t Warrant Renewal, Adidas CEO Says

Adidas AG declined to renew its apparel deal with Liverpool because the price was too high given the 18-time English soccer champion’s poor performance, the chief executive officer of the world’s second-biggest sporting goods maker said.

Liverpool, which is also a five-time European champion, has replaced Adidas with a club record, 6-year, 25 million pound ($38.3 million) contract with Warrior Sports, a subsidiary of New Balance Athletic Shoe Inc. The accord, Warrior’s first major soccer contract, begins next season and is worth almost double the current agreement with Adidas.