Moody's upgrades Saudi Arabia's credit rating to Aa3 with stable outlook    Riyadh Metro to begin partial operations next Wednesday: Report    Al Okhdood halts Al Shabab's winning streak with a 1-1 draw in Saudi Pro League    Mahrez leads Al Ahli to victory over Al Fayha in Saudi Pro League    Al Qadsiah hands Al Nassr their first defeat in the Saudi Pro League    Saudi musical marvels takes center stage in Tokyo's iconic opera hall    Downing Street indicates Netanyahu faces arrest if he enters UK    London's Gatwick airport reopens terminal after bomb scare evacuation    Civil Defense warns of thunderstorms across Saudi Arabia until Tuesday    Saudi Arabia, Japan strengthen cultural collaboration with new MoU    Slovak president meets Saudi delegation to bolster trade and investment ties    Saudi defense minister meets with Swedish state secretary    Navigating healthcare's future: Solutions for a sustainable system    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Sixth foreign tourist dies of suspected methanol poisoning in Laos    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Trump picks Pam Bondi as attorney general after Matt Gaetz withdraws    Al-Jasser: Saudi Arabia to expand rail network to over 8,000 km    Sitting too much linked to heart disease –– even if you work out    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



FIFA inks WCup deal with Chinese sponsor linked to Blatter
Published in The Saudi Gazette on 19 - 03 - 2016

FIFA signed its first World Cup sponsor since 2013 Friday, agreeing to a four-tournament deal with a Chinese conglomerate that has links to Sepp Blatter.
FIFA said the deal with property and cinema giant Wanda Group runs through the 2030 World Cup — the next time that China could host the tournament. The value of the top-tier partnership was not disclosed but is likely to top hundreds of millions of dollars.
The firm's Wanda Sports Holding subsidiary is led by Blatter's nephew, Philippe Blatter. Sepp Blatter was forced out as FIFA president by a corruption crisis.
Wanda Group chairman Wang Jianlin and Philippe Blatter were at FIFA headquarters Friday to complete the first commercial deal for President Gianni Infantino, who was elected three weeks ago to succeed the now-banned Blatter.
"He is crazy about football," Infantino said of Wang, one of the richest men in China. "It is obviously an import strategic partner for the future."
Neither Wang nor Philippe Blatter attended the news conference and no one from Wanda Group was available to comment on the deal.
During his uncle's presidency, the Philippe Blatter-led Infront marketing agency won two FIFA contracts: To provide World Cup broadcasting services, and as a shareholder in MATCH Hospitality, which controls corporate seats at World Cup stadiums. Infront, based in Zug, Switzerland, was bought by Wanda last year.
Infantino said the Wanda deal met all of FIFA's stricter, new compliance standards.
"I am very well aware of the potential situations that can exist when you have partners who may have subsidiaries with commercial relations," he said.
FIFA last signed a World Cup sponsor 2 1/2 years ago, Russian energy giant Gazprom. The wait for more sponsors contributed to a $122 million loss in 2015 that FIFA announced Thursday.
FIFA officials often acknowledged that potential commercial partners were put off by the scandals, and would wait until after the presidential election to sign.
The Wanda money will help fund the spending promises that Infantino made before his election last month, when FIFA officials warned voters of a $550 million shortfall in projected revenue through 2018.
"It will certainly help quite a lot to bridge that potential hole," Infantino said Friday.
On Thursday, FIFA committed to pay $517 million more to national, regional and continental soccer bodies that Infantino pledged over the next two years.
FIFA also upgraded its revenue forecast by $1.2 billion to $5.66 billion for a four-year commercial cycle tied to the 2018 World Cup in Russia.
Wanda Group is not the first World Cup sponsor from China. Energy company Yingli Solar was a second-tier sponsor for the 2014 tournament in Brazil.
Last December, online retail giant Alibaba sponsored FIFA's annual Club World Cup tournament through its car manufacturing subsidiary.
On Thursday, FIFA said it banked only $224 million last year from seven World Cup sponsors. That left 27 of the available slots to be filled for two-tournament deals covering 2018 in Russia and the 2022 World Cup in Qatar.
Wanda Group was the first of those 27, with others expected to follow.
"There will be some more positive news to announce in the coming weeks," Infantino said.
Regarding his own FIFA deal, the former UEFA general secretary said his salary was not yet finalized. It is expected to be less than his predecessor, who FIFA confirmed Thursday got a $3 million base salary in 2015 in a total pay package of $3.76 million.
"This was not my priority," the 45-year-old Infantino said. "When this will be (agreed), you will know it as well."


Clic here to read the story from its source.