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PSG signs contract extension with supplier Nike until 2032

PARIS (AP) — French champion Paris Saint-Germain has signed a contract extension with supplier Nike until 2032. No financial details were given but the deal is reportedly worth 80 million euros ($91 million) per year.

PSG, valued at 914 million euros ($1.04 billion), says the deal helps "further build the brand's success globally" and includes the men and women's soccer teams as well as the handball team. PSG has worked with Nike since 1989.

PSG president Nasser Al-Khelaifi says the agreement "reflects what the club has become on the global stage and the great ambitions we have." PSG has been owned by Qatari investors QSI since June 2011, but has failed to get past the quarterfinals of the Champions League despite massive investment.

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