After Germany’s 2-0 loss to France in Thursday’s European championship semi-final, it could be safely said that the feeling of defeat was most acutely felt in the Bavarian town of Herzogenaurach. It’s here that Adidas is based, and for the first time in three decades of modern sports sponsorship, the company will not have a team playing in the European Championship Final. What is even worse is that when the host France and Portugal meet on Sunday in paris, every player will be sporting jerseys emblazoned with Nike and its ubiquitous “swoosh”.

The two have battled in the $5 billion global soccer market since the 1990s. There is nothing more attractive to them as a top national team branded with their logo on the field.

At least Adidas is still winning off the field. The company stated that it still expects record soccer sales of €2.5 billion ($2.8 billion) this year. That’s more than Nike’s currently falling $2.14 billion.

Source: bloomberg