Visa to be FIFA partner for 8 years

Visa to be FIFA partner for 8 years
NEW YORK: Bank cards operator Visa International will be a sponsor for the 2010 and 2014 World Cup football events. A deal to this effect has been concluded by the firm and FIFA under which VISA will become the sixth FIFA partner with worldwide rights to the soccer federation's competitions during 2007-2014.

The other five top-tier sponsors are Adidas, Coca-Cola, Emirates, Hyundai and Sony. The six corporates will be entitled to the highest level of commercial affiliation with FIFA over the eight-year period, FIFA said. The deal is worth $170 million.

The deal follows an agreement between FIFA and Visa's rival firm Mastercard under which FIFA paid $90 to settle a dispute. Mastercard, being a World Cup sponsor since the year 1990, had the first right to refuse an extension of the deal for the 2010 and 2014 tournaments and the company went to court after FIFA entered into a deal with Visa.

FIFA's president Joseph S. Blatter said in a statement Thursday, “I am pleased to have all six FIFA partners on board so that we can now focus our attention and energy towards ensuring the staging of world-class football competitions as well as using the power of the sport to tackle some major social issues. Visa has the requisite breadth and social commitment to support us in our endeavors and we look forward to a rewarding partnership.”

As a sponsor Visa, the largest credit card operator in the world, will be entitled to several marketing activities, competitions and other programs.

Visa has been a sponsor of the Olympic Games and the Rugby World Cup.

John Elkins, executive vice president of Visa International, said with its experience as a sponsor for other world events, it realizes how valuable a global sporting property like the World Cup can be in driving business. He said South Africa, where the 2010 World Cup will be organized, is a key location for the company.