After it was rumoured that CAF had tried to cancel a $415 million (R7.7 billion) contract, African football's governing body has now confirmed that it has reached a resolution over the dispute.
Check Out: CAF 'Punish' Al Ahly For Actions After Sundowns Loss
Earlier this year, news emerged that the chief institution of African football had plans to unilaterally terminate the contract that they had with Qatari-owned sports broadcaster beIN SPORT after they accused them of being in arrears of $80 million (R1.4 billion).
The contract was reported to have been a 12-year deal valued at $415 million, and CAF claimed that the broadcasting company had violated their agreement by not paying the money owed to them.
While it looked like yet another controversial legal battle was on the horizon for the Patrice Motsepe-led organisation, CAF has now released a statement that reaffirmed the two parties' commitment to working together.
"The Confederation Africaine de Football ('CAF'), today announced that it is delighted to recommit to its partnership with beIN after the parties reached agreement on the matters that were in dispute," a statement from the Cairo-based institution read.
"beIN and CAF conducted discussions which resulted in the re-establishment of a mutually beneficial partnership between the parties."
The former Mamelodi Sundowns chairman and now CAF president also weighed in on the matter, insisting that he is committed to having a good relationship with their long-time partner.
"CAF is deeply committed to promoting and advancing the interest of all its sponsors and partners and building mutually beneficial relationships with them and with all our stakeholders," Motsepe added.
"The adherence to good governance, ethics and global best practices is an essential and crucial part of the culture and the manner in which CAF operates and conducts its business.
"In order for football in Africa to be globally competitive and self-supporting, the quality of African football must be world-class and appealing to football spectators, sponsors and partners.
Check Out: Rewind: How Wydad's Last Visit To Sundowns Went
"Significant financial resources are also required for investments in youth academies, football clubs, national teams, CAF Member Associations, stadiums and other football infrastructure and facilities.
"CAF is delighted about its partnership with beIN and is committed to growing and expanding this relationship for the benefit of both parties."
You must be SIGNED IN to read and post comments.
WATCH VIDEO:
