$1M Glo Settlement Fee Missing From GFA Accounts

More revelations comes from the GFA investigation.

Telecom giants, GLO sponsored the Ghana Premier League for about 4 years. However, there is a revelation that $1 million of the $1.5 million out-of-court settlement money cannot be accounted for.

About GLO sponsorship of GFA’s premier league and settlement money

The telecommunication company signed a sponsorship agreement with the Ghana Football Association (GFA) in 2009. However, they pulled out of the deal in rather controversial circumstances. Furthermore, the termination of the sponsorship deal led to a litigation between the GFA and Glo. However, both parties agreed on an out-of-court settlement.

Therefore, the agreement was that the FA will be paid a sum of $1.5 million. The money to be shared among the clubs that participated in the Ghanaian topflight between 2009 and 2013.

However, Ghana Sports Online reports that $1 million of the $1.5 million out-of-court settlement money cannot be accounted for.

According to the reports, some officials of the FA confirmed that they received just $500,000 out of the $1.5 million paid by GLO.

Takyi Arhin was CEO of BA Stars during the signing of the sponsorship deal. He disclosed that the clubs are even yet to receive a penny from the said $500,000.He insisted that the money “was for administrative expenses.”