The eye-watering £1bn deal does not reflect the the sale volumes of Man City kits. Figures collated by Transfermarkt.com show the club, a relative newcomer in the global elite, still trail behind rivals in kit and merchandising sales.

Manchester City have signed a 10-year contract extension with kit manufacturer Puma that will take their partnership to 2035, the club announced on Tuesday.

If City do end up earning £100m a season, this deal with Puma would eclipse Manchester United’s link-up with Adidas. United agreed a 10-year, £90m a season deal with the German manufacturer in July 2023, though that too is impacted by performance.