(Yicai Global) Feb. 2 – A subsidiary of Wuhan DDMC Culture Co., an investment firm which operates in culture, sports, and entertainment sectors, has obtained a lump-sum payment of USD20 million from the Federation International de Football Association (FIFA), the world football governing body, for successfully attracting investment for the 2018 FIFA World Cup to be held in Russia this summer.
Wuhan DDMC's wholly-owned subsidiary Desports (Hong Kong) Development Co. had signed the Regional Sponsor Contract with FIFA and officially became one of the Asian sponsors of the 2018 Russia FIFA World Cup, said a statement from the company.
Based on the "2018 Russia FIFA World Cup Exclusive Sales Agency Contract in Asia" signed by Desports and FIFA last October, Desports has received USD20 million, the statement said.
The news comes at a time when FIFA is reportedly having difficulties in finding sponsors for this year's World Cup. Under the original deal, Desports works as the exclusive agent for new Asia sponsorships and the latest payment indicates success in its efforts to find new sponsors. The 2018 World Cup will run from June 14 to July 15.