The new deal by the reigning Premier League champion sits only behind Manchester United’s with Adidas when it comes to the most lucrative in the English top-flight.
City, who currently work in partnership with Nike, will see a new sponsorship contract kick in from the summer of 2019.
The figures represent a huge hike on City’s current kit contract, which stands at £20m a year with Nike.
Initial discussions with Puma centred on producing kits solely for City before other clubs under their umbrella were later brought to the table.
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