After more than a year of legal wrangling MasterCard announced on June 21 that it will take a $90 million payout and walk away from its fight to win sponsorship rights for the 2010 and 2014 World Cup tournaments.
MasterCard which had sponsored the tournament for 16 years sued FIFA [Okay not to spell this out?] in April 2006 after the soccer organization awarded the sponsorship for the next two World Cups to Visa. MasterCard claimed it had right of first refusal for the sponsorships. In December the New York federal district court agreed ruling that FIFA breached its contract. But in May an appeals court ordered a review of the ruling. The $90 million settlement marks the end of legal proceedings between MasterCard and FIFA.
FIFA announced on Wednesday that Visa will pay $170 million for an eight-year sponsorship deal which includes the 2010 and 2014 World Cup tournaments as well as the Women’s World Cup.