African football custodians, CAF have reached an agreement with Marketing and Media company Lagardere to end a long-standing dispute that dragged on for years over contract cancellation.
In 2016, under the then CAF President Issa Hayatou, the football governing body signed a contract worth one billion dollars with the French agency, relating to media rights and marketing of African football for the period 2016-2028.
However, the new CAF administration in 2019 disavowed the controversial agreement, as it wasn’t considered profitable for African football.
The fight between the two has been ongoing since then, till this week when BBC journalist Osasu Obayiuwana revealed that reconciliation had been reached.
“We signed the agreement in November, just before World Cup,” said a member of the CAF Executive Committee, who preferred anonymity according to Obayiuwana.
“The $25 million owed to Lagardere will be paid in installments. The rules have been filed with the International Chamber of Commerce, so it’s good that it’s finally over.”
It should be noted that in 2020, the firm sought up to $90 million in compensation for breaking the 12-year marketing contract, but nothing tangible had been reached since.