Juventus have this afternoon revealed that Adidas will take over as their kit supplier from 2015, in a deal worth around £118m.

The Bianconeri have held a long-term association with Nike but decided to look elsewhere for a more lucrative deal when their current contract expires in 2015.

Adidas have beaten competition to sign a six-year agreement with the Old Lady, worth a flat fee of €139.5 million without add-ons.

A short official statement from Juve confirmed the news, reading: "Juventus Football Club S.p.A. has reached an agreement with adidas International Marketing B.V. for a technical sponsorship deal starting from the 2015-2016 campaign.

"Adidas will be the technical sponsor of all Juventus teams for a fixed consideration of €139.5m over the six-year term.

"Adidas will manage all Juventus's licensing and merchandising activities for a fixed consideration of €6 per annum. The club may also benefit from additional royalty payments upon exceeding a threshold of sales."

Nike will finish their current deal with the reigning Serie A champions at the end of next season.