Sports

GFA confirms receipt of $900,000 settlement from Glo

The Ghana Football Association (GFA) has confirmed receipt of a $900,000 arbitration settlement by telecommunications company Globacom Ghana.

The GFA in a statement said the amount which is a settlement for the unilateral abrogation of a sponsorship contract between the GFA and Globacom Ghana was 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,” the statement said.

“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”.

Source: Graphic.com.gh

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