The Ghana Football Association (GFA) has confirmed receipt of a $1,000,000 from former sponsors Globacom (Glo) Ghana Limited.
Glo were once headline sponsors of the Ghana Premier League and the senior national team, Black Stars.
The amount represents arbitration settlement for the unilateral abrogation of the sponsorship contract between the GFA and Globacom Ghana was pursued by Normalization Committee.
However, only 90% of the amount has gone into the GFA’s account with the remainder going as legal fees as per an arrangement by the NC.
A statement by the GFA Thursday night reads:
PRESS RELEASE: ARBITRATION SETTLEMENT BY GLOBACOM GHANA
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 Normalization 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 Normalization Committee to the new administration of the GFA, Globacom Ghana paid an amount of $1,000,000 (one million) US Dollars to the Normalization Committee as arbitration settlement for the unilateral abrogation of a sponsorship contract between the GFA and Globacom Ghana.
The Normalization 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 Normalization Committee contracted to pursue payment from Globacom Ghana.