REVEALED: Why First Capital Bank CANCELLED Ghana League Sponsorship

Published on: 05 January 2016
REVEALED: Why First Capital Bank CANCELLED Ghana League Sponsorship
Ghana FA President Kwesi Nyantakyi

After weeks of speculations regarding what necessitated the abrogation of the Ghana Premier League sponsorship by First Capital Plus Bank, the truth has been uncovered.

A well-placed source at the Ghana Football Association (GFA) has hinted that the country’s football governing body failed to honour major part of the contract, hence the abrupt abrogation.

The Bank, now Capital Bank in January 2014, signed a five-year $10m sponsorship deal  with GFA but  the financial institution pulled out midway from the agreement citing inconsistencies on the part of the FA.

According to the source, the FA and the Premier League Board (PLB) organizers of the league have a couple of times flouted some of the rules per the contract saying, “Am told they pulled out first of all due to the fact that they embarked on a re-branding exercise. It was First Capital Plus and now Capital Bank, meaning everything has changed.

“We realized along the line that the PLB and the FA made financial demands outside the contract. For instance, the contact takes care of coronation, and awards ceremonies (End of season and player of the month), mounting of bill boards in town, yet you see the FA and the PLB knocking on our doors for extra funds for such events.”

“The contract captured that the FA ensured that broadcast media outfits gave us the mileage we deserved by way of commercials but they didn’t enforce it.”

“As we speak, its 50-50, that is if the bank will continue with the deal, an insider said, if  we(FA)  sit with them and make things clearer, may be they will consider continuing with the sponsorship, but  it’s not 100% sure.”

Meanwhile, president of the GFA, Kwesi Nyantakyi has threatened taking legal action against the bank saying, “We have written a letter to the bank pointing to them that the decision they took is not in the contract. The contract does not allow them to suspend the sponsorship agreement “Our lawyers have advised us on the legal processes we can take to get them to respect their part of the agreement.”

“As at now, we are still trying our best to get them (First Capital Bank) to rescind their decision but if they fail to oblige, we will take a legal action against them.

Source: Daily Guide

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