Nike will not renew its kit deal with Manchester United after the next season with the US sportswear giant claiming the football club is demanding too much money.
Nike's current deal with United is worth around £24 million a season and recent reports that it was set to seal new record-breaking deal have been rejected, according to Sky News.
In a statement, Nike said: 'Manchester United is a great club with passionate fans. We are proud to have partnered with them for the last 12 years and will continue to sponsor the club until the end of the 2014/15 season.
'Any partnership with a club or federation has to be mutually beneficial, and the terms that were on offer for a renewed contract did not represent good value for Nike's shareholders.
'We look forward to a successful final season with the club.'
Manchester United revealed their new kit for the 2014-15 season on Monday, which will be the last designed by Nike and the first to carry the logo of new sponsor Chevrolet.