Chelsea have ended their sponsorship deal with Adidas six years early in order to enter a new contract with a rival kit manufacturer, the German sportswear giant announced on Wednesday.

The deal, reported to have been worth £300 million ($434.1 million, 379.6 million euros) over 10 years, had been due to end on June 30, 2023, but will now conclude on the same date next year.

Adidas have been making Chelsea's kits since 2006. Chelsea have agreed to pay Adidas compensation.

"Chelsea Football Club and adidas AG announced today that they have mutually agreed to terminate their existing partnership agreement prematurely," Adidas said in a statement.