The ending of a relationship is always difficult for those involved. All the more so when one participant has a vision of a bright future only to find their partner swept away by a richer, more attractive rival. Spare a thought then for New Balance who, following a bitter and acrimonious High Court battle over matching rights, must watch on as Liverpool F.C. move on with Nike.

The High Court decision of Mr. Justice Teare in New Balance Athletics, Inc v The Liverpool Football Club and Athletic Grounds Ltd,[1] delivered on 25 October 2019, offers insight into the commercial strategies and objectives of all three parties involved. It emphasises once again the importance of concise definitions in sportswear manufacturing and license agreements and breaks new ground on the question of valuation of marketing contributions. It merits close examination. Accordingly, this article examines: