Join Now  | 
Home About Contact Us Privacy & Security Advertise
Soccer America Daily Soccer World Daily Special Edition Around The Net Soccer Business Insider College Soccer Reporter Youth Soccer Reporter Soccer on TV Soccer America Classifieds Game Report
Paul Gardner: SoccerTalk Soccer America Confidential Youth Soccer Insider World Cup Watch
RSS Feeds Archives Manage Subscriptions Subscribe
Order Current Issue Subscribe Manage My Subscription Renew My Subscription Gift Subscription
My Account Join Now
Tournament Calendar Camps & Academies Soccer Glossary Classifieds
FIFA settles lawsuit with MasterCard for $90 million
June 22nd, 2007 7AM
Subscribe to Soccer America Daily

MOST READ
TAGS:  world cup

MOST COMMENTED

FIFA and MasterCard settled the latter's lawsuit, paving the way for FIFA to go ahead with its sponsorship agreement with MasterCard rival Visa International.

MasterCard, which had sponsored the World Cup for 16 years, will drop its sponsorship of the next two World Cups under a $90 million settlement with FIFA announced on Thursday. FIFA will pay $87.5 million by June 30 and $2.5 million by Sept. 30.

"We have made a decision after taking a hard look at the facts and circumstances, that substantial financial compensation to MasterCard, along with severing the relationship between our two companies, at the end of the day was in the best interests of MasterCard's customers and shareholders," MasterCard's general counsel, Noah Hanft, said on a conference call.

MasterCard sued FIFA in April 2006 after FIFA awarded the sponsorship for the next two World Cups to rival Visa. MasterCard claimed it had right of first refusal on future sponsorship agreements. MasterCard won in U.S. District Court, but an appeals court last month ordered a review of that ruling. FIFA wanted an arbitration panel in Switzerland, where it is headquartered, to decide the matter. According to FIFA, the settlement also covered a protracted marketing dispute between FIFA and MasterCard regarding the two hemispheres logo.

As part of the settlement, FIFA and MasterCard agreed to terminate legal proceedings in the United States and Switzerland.

"FIFA has, first of all, resolved a problem," FIFA president Sepp Blatter said, "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."

Visa will be one of only six FIFA partners as soccer's world governing body narrows down its main sponsors. The others will be Adidas, Hyundai, Coca-Cola, Sony, Visa and Emirates Airlines.



No comments yet.

Sign in to leave a comment. Don't have an account? Join Now




AUTHORS

ARCHIVES
FOLLOW SOCCERAMERICA

Recent Soccer America Daily
Red Bulls get defensive held with Collin    
In need of help at center back, where it lost Matt Miazga, sold to Chelsea, and ...
MLS Week 9: Results and standings    
The New York Red Bulls' attack came alive with four goals as they trounced FC Dallas, ...
NWSL: Reign's Fishlock sidelined with fractured tibia    
Jess Fishlock, an NWSL Best XI pick in each of her three seasons with the Seattle ...
MLS Week 9: Weekend schedule    
One of five Saturday afternoon matches features the Montreal Impact, first in the Eastern Conference, against ...
Soccer gets new Vegas pitchman: David Beckham    
A surprise pitchman at Oakland Raiders owner Mark Davis' Thursday meeting with Las Vegas government officials ...
MLS Countdown: FC Dallas looks to rebound quickly    
FC Dallas, which plays at the New York Red Bulls in a battle of 2015 conference ...
Alex Morgan flexes her social media muscle    
If U.S. women's national team players want to show off their clout to make their case ...
What They're Saying: Seattle Sounders sports scientist Dave Tenney    
"One of the biggest red flags we have is guys that have kids. Almost across the ...
U.S. U-19 men fall to Slovakia on the way to final    
The Brad Friedel-coached U.S. U-19 men's national team, having already clinched a spot in the Slovakia ...
Video Pick: Dog invades field, kisses player    
The hound who ran onto the field during a Copa Libertadores game seemed especially happy to ...
>> Soccer America Daily Archives