Credit card sponsorship of World Cup put on hold
Credit card giant MasterCard has been forced to sit tight ahead of a possible sponsorship of the World Cup soccer tournament.
That delay comes after a judge overseeing the legal battle between MasterCard and international soccer association FIFA issued a stay on her previous ruling in December 2006 that forced FIFA to award the desired sponsorship to the publicly traded credit card company.
But under the latest ruling, FIFA does not have to immediately follow a court order from early December that required FIFA to grant an eight-year World Cup sponsorship deal to MasterCard. U.S. District Judge Loretta Preska wrote in an order handed down on Dec. 21, 2006, that the stay would remain in place until the resolution of an appeal by the soccer organization.
FIFA had asked that the lodged appeal be granted a suspensive effect so neither MasterCard nor rival Visa could demand the sponsorship contract during the appeal procedure.
Earlier in 2006, MasterCard sued FIFA following the soccer organization's decision to award the World Cup sponsorship to Visa. MasterCard, the World Cup sponsor for 16 years, charged that it had right of first refusal for the new contract, which starts in January 2007 and extends through the end of 2014.
Published: January 9, 2007
- Money and credit lessons learned from TV – Whether they're frugal or free-spending, our favorite and classic TV characters are fountains of financial advice ...
- American consumers getting a grip on debt – More American consumers are paying down -- and even paying off -- their debts, according to a September survey commissioned by Wells Fargo & Co. and conducted by Ipsos Marketing, a marketing research company ...
- Credit sin: Does credit save or condemn you? – Will using plastic land you in hot water with your almighty? Depending on the belief system, card use might require some repentance ...