The financial institution has suspended its contract indefinitely with the Ghana Premier League after only a season
Ghana Premier League sponsors First Capital Plus bank has suspended their contract ahead of the 2015-16 season.
The bank signed a five-year-deal with the Ghana Football Association in January 2014, worth $10 million in total and $2 million annually, but they have opted to halt all actions related to the league after the company reached a decision to undergo restructuring.
The sponsors were also responsible for the payment of the best player of month in the league.
Ghana FA president Kwesi Nyantakyi has admitted the bank has served his outfit a notice but insists the body’s executive committee is yet to convey a meeting to decide any legal actions against the sponsors.
“There is a request for suspension because the bank is undergoing restructuring,” Nyantakyi was quoted as saying by Myjoyonline.com.
“But we are yet to engage them on this request. The executive committee is yet to meet and discuss this subject and if there are legal issues flowing from that we will take it up,” he added.
The 2015-16 season is expected to kick of mid-December after a successful two-day annual congress on Tuesday at the Ghanaman Soccer Centre of Excellence in Prampram.
Goal understands that despite the bank insisting on restructuring as the main reason to suspend their sponsorship, poor branding of the league resulting to low publicity and patronage as well as constant change of dates for games within the season are some of the factors leading to the abrupt end of their contract.
Globacom communication also terminated their sponsorship contract with the Ghana FA in 2013 after citing poor branding and low patronage as the main reasons.