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
MLS Moves: Castillo swept off his feet in Turkey    
FC Dallas star Fabian Castillo arrived in Turkey ahead of his anticipated transfer from MLS to ...
What They're Saying: David Luiz    
"It's important to be an example, especially for the kids. I work every day with this ...
MLS All-Star Game: Wondo ready for challenge    
All-Star Games are supposed to be wide-open, entertaining affairs, and if so, are tough tests for ...
U.S. women are off to Brazil -- opener next Wednesday    
The U.S. women's national team was off to Brazil Wednesday night to prepare for its quest ...
MLS Homegrowns lose to Mexico's U-20s    
In an appetizer to the MLS all-stars' game against Arsenal, a squad of MLS U-23 Homegrown ...
U.S. Abroad: Five Americans start in Tijuana Copa MX loss    
Tijuana started five Americans in its 4-0 loss to second division Lobos BUAP in Mexico's midweek ...
MLS Moves: Jones jumps ranks at Philadelphia    
Derrick Jones, the first player to sign with the Bethlehem Steel FC, became the first player ...
MLS All-Star Game: Soaking up the experience    
A guy like Sacha Kljestan, an 11-year pro and veteran of the UEFA Champions League with ...
Video Pick: Trick PK goes wrong in Peru    
Last February, Lionel Messi passed a penalty kick to Luis Suarez, who stroked home to complete ...
What They're Saying: Landon Donovan    
"There's a reason you see the passion in this area: Soccer's in their blood now. It ...
>> Soccer America Daily Archives