Nike ending 12-year sponsorship with Man United after 2014-15 season

Nike has announced its sponsorship of Manchester United will end after the 2014-15 season after they failed to agree on terms for an extension.

Nike says in a statement that "the terms that were on offer for a renewed contract did not represent good value for Nike's shareholders."

The sportswear giant has partnered United for 12 years, and says it hopes for "a successful final season with the club."