Apr
22
2008
  • Share it:

Agreement Reached

On 21 June 2007, FIFA resolved the contract dispute relating to MasterCard’s first right to acquire sponsorship for the 2010 and 2014 FIFA World Cup™ events. Both parties also agreed to terminate legal proceedings in the USA and Switzerland, a measure which has yet to be confirmed by the judge responsible.
FIFA President Joseph S. Blatter was pleased with the settlement. “FIFA has, first of all, resolved a problem,” he commented, “and, secondly – much more importantly – has paved the way to a good, new partner that will support it and its manifold activities efficiently all around the world.”
As a result of the settlement, MasterCard will discontinue its sponsorship of the 2010 and 2014 FIFA World Cup™ events. In return, FIFA will pay MasterCard compensation amounting to USD 90 million. In addition to costs, this amount contains the cancellation of the contested right of first refusal of a new sponsorship agreement for eight years with priority for a further extension, as well as the settlement of a protracted marketing dispute between world football’s governing body and MasterCard regarding the two hemispheres logo.