1m GLO sponsorship settlement fee missing from GFA accounts

1m GLO sponsorship settlement fee missing from GFA accounts

- The Kwesi Nyantakyi led administration cannot account for $1 million of the $1.5 million sponsorship deal

- The GLO sponsorship was dogged by scandals right from the onset with agency fee payment taking centre stage

It has been revealed that $1 million of the $1.5 million out-of-court settlement money, paid by Telecom giants GLO for their previous sponsorship of the Ghana Premier League, cannot be accounted for by the erstwhile Kwesi Nyantakyi-led administration.

The telecommunication company signed a sponsorship agreement with the Ghana Football Association (GFA) in 2009 but opted to pull out of the deal in rather controversial circumstances.

The termination of the sponsorship deal led to a litigation between the GFA and Glo, with both parties eventually agreeing on an out-of-court settlement.

1m GLO sponsorship settlement fee missing from GFA accounts

Former GFA president Kwesi Nyantakyi. Source: Google images

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It was then agreed that the FA will be paid a sum of $1.5 million to be shared among the clubs that participated in the Ghanaian topflight between 2009 and 2013 when the sponsorship was terminated.

However, Ghana Sports Online reports that $1 million of the $1.5 million out-of-court settlement money cannot be accounted for by the outgoing administration, led by the embattled Nyantakyi.

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

Takyi Arhin, who was CEO of B. A Stars when the sponsorship was signed, has disclosed that the clubs are even yet to receive a penny from the said $500,000, insisting the money “has been used for administrative expenses”.

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This adds to another of the scandals that have dogged the until-now impressive reign of former GFA boss Nyantakyi.

The Wa All Stars owner has been often criticized for his lack of transparency when it comes to the signing of deals on behalf of league clubs and the Black Stars.

Having been caught on camera compromising his position in an exposé by investigative journalist Anas Aremeyaw Anas, Nyantakyi has since resigned from his posts at the GFA, CAF and FIFA.

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Source: Yen.com.gh

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