PrimeNewsGhana

Glo pays its $1m debt to GFA

By Justice Kofi Bimpeh

Globacom Ghana has paid its $1 million debt to the Ghana Football Association (GFA).

The GFA in a press statement said, "We 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 Normalisation Committee of the GFA."

"The $900,000 US Dollars was paid into the GFA's account on Wednesday, November 27, 2019."

Press statement below : 

November 28, 2019

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 Normalisation 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 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.

SIGNED: COMMUNICATIONS DEPARTMENT.