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Mastercard ends fight for sponsorship
MasterCard Inc said on Thursday it will accept a $90 million settlement and discontinue its sponsorship of the 2010 and 2014 World Cup.
New York:
MasterCard Inc said on Thursday it will accept a $90 million settlement and discontinue its sponsorship of the 2010 and 2014 World Cup, in a move that ends its legal dispute with FIFA.
MasterCard and FIFA have been fighting in court over MasterCard's right to sponsor the World Cup. A US district judge ruled in December that FIFA did not honor its agreements with the credit card issuer when it awarded sponsorship rights to MasterCard's rival, Visa International Inc.
In May, a federal appeals court asked the lower court judge to review her ruling due to uncertainties over whether a 2006 contract was valid.
Following Thursday's announcement that MasterCard will end its sponsorship, FIFA said it is on the verge of agreeing to a contract with Visa. MasterCard had served as an official sponsor of the tournament since 1994.
MasterCard and FIFA have been fighting in court over MasterCard's right to sponsor the World Cup. A US district judge ruled in December that FIFA did not honor its agreements with the credit card issuer when it awarded sponsorship rights to MasterCard's rival, Visa International Inc.
In May, a federal appeals court asked the lower court judge to review her ruling due to uncertainties over whether a 2006 contract was valid.
Following Thursday's announcement that MasterCard will end its sponsorship, FIFA said it is on the verge of agreeing to a contract with Visa. MasterCard had served as an official sponsor of the tournament since 1994.
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