Nike and Scottish Premier League giants Glasgow Celtic are looking to finalize a new 5 year, 25 Million Pound deal (which could jump to 29 Million Pound depending on how far the go into Europe) that would start in July and build upon their current 5 year partnership.

Via DailyRecord

Bonus payments for reaching certain stages of European competition will be built in and, of course, the Parkhead club will also benefit from royalty payments on sales.

Securing a sponsorship package of this size will rightly be seen as an astonishing piece of business at the very time the recession bites hard on banks and big business.

The game at all levels is struggling to cope but Celtic’s chief executive Peter Lawwell has managed to persuade the sponsors, who will have paid the SPL champions £25m by the time their current five-year package expires at the end of this season, it makes sense to stick with them.

Talks have been held over the last six weeks but Celtic and Nike are close to announcing they have reached an agreement that will benefit both parties.

Celtic, like Rangers and every other top club, face difficulties in the year ahead because of the global credit crunch but to set off into 2009 knowing a kit sponsor has been secured until 2015 is a massive boost.

It had been thought Celtic would have to settle for less than their current deal, which started in the summer of 2005, but Lawwell has secured another steady stream of millions.

However, this windfall won’t change their spending plans while the January transfer window is open simply because the new money won’t kick in until next year.

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