FIFA Introduces Visa As Final Top-Tier Partner Through 2014
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Visa Becomes FIFA's Final Top-
Tier Partner In Eight-Year Deal |
FIFA has formally announced Visa as its sixth and final top-level partner with worldwide rights to competitions from 2007-2014. Visa joins adidas, Coca-Cola, Emirates Airline, Hyundai and Sony as top tier FIFA sponsors (FIFA). FIFA President Sepp Blatter said that Visa would pay $170M for the sponsorship, $10M less than it had originally bid for the deal, which was supposed to start in January. The WALL STREET JOURNAL’s Robin Sidel notes the deal comes a week after FIFA "settled a bitter legal dispute” with MasterCard for $90M. MasterCard sued FIFA last year, arguing that the governing body “wasn't entitled to sign a deal with Visa because it had already drafted a new pact with MasterCard.” MasterCard, which no longer holds sponsorship rights to any “major global sports event,” now expects to redirect the funds "earmarked for the World Cup into other sponsorship events” (WALL STREET JOURNAL, 6/28). Visa Exec VP John Elkins said in a statement South Africa, host of the 2010 World Cup, “is a key location for Visa” (BLOOMBERG NEWS, 6/28). Hargreaves Lansdown Head of UK Equities Richard Hunter said the $170M Visa is paying for the deal “does seem quite low, but the thing to bear in mind is, of course, that there will be a number of co-sponsors come the next World Cup. ... Cumulatively, the figure that will be going to FIFA will be much, much higher” (BBC America, 6/28).
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