GFA has announced that Globacom Ghana, has paid an amount of USD 900, 000 as arbitration settlement to the association for the unilateral abrogation of a sponsorship contract that existed between the two parties.
It can be recalled that in December 2008, the telecom company secured a five-year deal to be the headline sponsor of the Ghana Premier League.
The contract was due to expire at the end of the 2013/ 2014 league season.
However, Glo failed to meet sponsorship obligations to the Ghana FA which led to the termination of the contract leaving telecom company with outstanding debts to the Ghana FA.
Here is the full statement by the GFA;
“The Ghana Football Association (GFA) wishes to announce for the information of its members and all stakeholders that, an amount of $900,000 US Dollars, being arbitration settlement by Globacom Ghana has been bequeathed to it by the former Normalisation Committee of the GFA.
The $900,000 US Dollars was paid into the GFA’s account on Wednesday November 27, 2019.
As explained by the Normalisation Committee to the new administration of the GFA, Globacom Ghana paid an amount of $1,000,000 (one million) US Dollars to the Normalisation Committee as arbitration settlement for the unilateral abrogation of a sponsorship contract between the GFA and Globacom Ghana.
The Normalisation Committee explained further that 10% of the total payment of $1m US Dollars, being $100,000 US Dollars, was paid as legal charges to the Lawyer the Normalisation Committee contracted to pursue payment from Globacom Ghana.”