The Ghana FA has revealed that telecom company, Globacom Ghana, has paid an amount of USD 900, 000 as arbitration settlement to the association with regards to the canceling of the league sponsorship contract that existed between the two parties.
The deal was signed in 2009 and was due to expire at the end of the 2013/ 2014 league season.
However, Glo failed to meet sponsorship obligations to the Ghana FA and eventually, the contract was terminated leaving Glo with outstanding debts to the Ghana FA.
However, the Ghana FA stated that Glo had managed to reach a settlement with the Normalisation Committee before the Committee handed over.
Glo paid an amount of USD 1,000,000 with the FA getting USD 900, 000 and the remaining amount going to the lawyer tasked by the NC to handle the settlement.
Below is the full statement from the Ghana FA:
“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.”
