Nike have revealed their kit sponsorship deal with Manchester United will end after 13 years at the close of next season, with the company claiming the terms demanded by the club did not “represent good value for shareholders”.

While United currently receive at least £23.5m a-year from Nike, it is thought the 20-times champions are trying to seal a record-breaking new deal of up to £70m a-season.

A statement from 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.”

United had hoped a bidding war between the American company, Puma, Adidas and Warrior would help raise the received monies to a figure that would dwarf any other received by a Premier League club.

Nike had an exclusivity period to renew its contract but this ended last July. In January, Arsenal announced a £30m-a-year contract with Puma; United hope to more than double that amount.