Signed a sponsorship agreement to be FIFA's new financial services partner on the 6th April 2006 (worth $150 million to $200 million). This will make Visa the official credit card at FIFA's major competitions, including the World Cup 2010 and World Cup 2014, and provide Visa with exclusive advertising rights (Visa is also a sponsor of the Olympics and the 2007 Rugby World Cup). The contract runs from January 2007 to 2014, with Visa taking the place of MasterCard. MasterCard, was a sponsor for the four World Cups up to the 2006 World Cup in Germany.
However, in a twist MasterCard International filed a complaint against FIFA seeking an injunction to prevent FIFA from moving forward on an agreement with Visa International to sponsor the 2010 and 2014 World Cups. MasterCard contends its contractual agreement with FIFA precludes the governing body of the World Cup from entering such an agreement with Visa. Under its agreement with FIFA, MasterCard said it was granted the right of first refusal to be the official and exclusive payment solutions sponsor of future FIFA World Cup events. The complaint was filed with the U.S. District Court for the Southern District of New York. Click here for details.
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