New York:MasterCard Inc said on Thursday it will accept a $90 million settlement and discontinue its sponsorship of the 2010 and 2014 World Cup, in a move that ends its legal dispute with FIFA.
MasterCard and FIFA have been fighting in court over MasterCard's right to sponsor the World Cup. A US district judge ruled in December that FIFA did not honor its agreements with the credit card issuer when it awarded sponsorship rights to MasterCard's rival, Visa International Inc.
In May, a federal appeals court asked the lower court judge to review her ruling due to uncertainties over whether a 2006 contract was valid.
Following Thursday's announcement that MasterCard will end its sponsorship, FIFA said it is on the verge of agreeing to a contract with Visa. MasterCard had served as an official sponsor of the tournament since 1994.