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Article: MasterCard Settles Dispute with FIFA.(Federation Internationale de Football Association)(Brief article)
- Article from:
- American Banker
- Article date:
- June 22, 2007
- Author:
CopyrightCOPYRIGHT 2007 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MasterCard Inc. has accepted a $90 million settlement to terminate its legal dispute over sponsorship of soccer's World Cup.
The Purchase, N.Y., company announced the agreement with the Federation Internationale de Football Association Wednesday.
At issue was sponsorship of the international tournament in 2010 and 2014. MasterCard has sponsored the tournament since 1990, but in April of last year FIFA awarded the rights for the upcoming tournaments to Visa International.
MasterCard objected, saying that the Visa deal violated its own contract, which included the right of first refusal for sponsoring upcoming events. In December a federal judge ...