MasterCard, FIFA Settle, Opening The Door For Visa
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FIFA, MasterCard Resolve
World Cup Contract Dispute
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MasterCard and FIFA have reached agreement resolving the contract dispute concerning sponsorship of the 2010 and 2014 World Cups, and as a result, MasterCard will end its sponsorship of the World Cup, meaning Visa will take over. In a statement, MasterCard says FIFA has agreed to compensate the credit card company for discontinuing its deal, and reports today have that figure at $90M. Both parties also agreed to terminate legal proceedings in the U.S. and Switzerland. In December, a judge ruled that FIFA breached its ’02 deal with MasterCard when it awarded Visa the sponsorship, agreeing with MasterCard's claim that it had right of first refusal. But last month, an appeals court vacated that ruling, asking the judge for clarification (THE DAILY).
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