{"id":411568,"date":"2017-08-14T17:13:59","date_gmt":"2017-08-14T17:13:59","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/08\/14\/revealed-capital-bank-withdrew-gfa-sponsorship-because-they-were-broke\/"},"modified":"2017-08-14T17:13:59","modified_gmt":"2017-08-14T17:13:59","slug":"revealed-capital-bank-withdrew-gfa-sponsorship-because-they-were-broke","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/08\/14\/revealed-capital-bank-withdrew-gfa-sponsorship-because-they-were-broke\/","title":{"rendered":"Revealed: Capital Bank withdrew GFA sponsorship because they were broke"},"content":{"rendered":"<p><\/p>\n<div id=\"medsection1\">\n<!-- End of html generated by this->header() --><\/p>\n<p class=\"floatLeft\">Sports News of Monday, 14 August 2017<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>GHANAsoccernet.com <\/p>\n<p>2017-08-14<\/p>\n<div class=\"article-left\">\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/08\/41712093.295.jpg\" alt=\"First Capital Plus2\" title=\"First Capital Plus2\" width=\"295\" height=\"295\" \/><span class=\"image_caption\"><span>Capital Bank withdrew its sponsorship with GFA 3 years ago<\/span><\/span><\/p>\n<div class=\"noPrint\">\n<div id=\"537626303\" style=\"width:300;height:250;margin:0;padding:0\">\n\t\t  <noscript><iframe loading=\"lazy\" id=\"b2ad7fa7fd\" name=\"b2ad7fa7fd\" src=\"http:\/\/ghanaweb-d.openx.net\/w\/1.0\/afr?auid=537626303&amp;cb=150106940086186\" frameborder=\"0\" scrolling=\"no\" width=\"300\" height=\"250\"><a href=\"\/\/ghanaweb-d.openx.net\/w\/1.0\/rc?cs=b2ad7fa7fd&amp;cb=150106940086186\">&#13;<br \/>\n\t\t  <img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/08\/1502730839_854_ai\" border=\"0\" alt=\"\" \/><\/a><\/iframe><\/noscript>\n\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"clear:right\"> Capital Bank withdrew its sponsorship with the Ghana FA because they were in a financial quagmire to throw claims of the noncompetitive and poor branding of the league into the dustbin.<\/p>\n<p>The indigenous bank withdrew its association with the FA in 2015 citing internal restructuring as their chief reason.<\/p>\n<p>However, a recent report released by the Bank of Ghana has exposed the hidden reason behind outfit&#8217;s decision to sever ties with the Federation.<\/p>\n<p>It had been widely claimed that poor branding of the league resulting in low publicity and patronage as well as the constant change of dates for games within the season accounted for the decision to pull plugs on the sponsorship.<\/p>\n<p>But it has been revealed that the bank was not financially sound to continue their relationship with the GFA.<\/p>\n<p>A statement by the Central Bank stated that it has \u201capproved the Purchase and Assumption transaction with GCB Bank Ltd that transfers all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd.\u201d<\/p>\n<p>The statement also added the \u201cBank of Ghana has revoked the Licenses of UT Bank Ltd and Capital Bank Ltd. This action has become necessary due to severe impairment of their capital. The remaining assets and liabilities will be realised and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers (PwC).<\/p>\n<p>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 opted to halt all actions related to the league after the company reached a decision to undergo restructuring- which has turned out to be false.<\/p>\n<div class=\"related_articles\" style=\"width: 100%;\">\n<div style=\"clear: both; font-size: 90%; background-color: #eeeaea; padding: 5px; width: 60%; margin-top: 10px;\">\n<table width=\"100%\" border=\"0\" cellpadding=\"0\" cellspacing=\"0\">\n<tr>\n<td style=\"border:0; padding:0\"><img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/07\/96124592.jpg\" style=\"padding-right:2px;\" \/><\/td>\n<td style=\"border:0; padding:0;width:100%; vertical-align:middle; font-size:11px;\">Courtesy of <b>GHANAsoccernet.com<\/b> &#8211; Ghana&#8217;s leading football news website. Click for more news.<\/td>\n<p>&#13;<br \/>\n\t\t\t\t\t<\/tr>\n<\/table>\n<p><strong>Comments:<\/strong><br \/>\nThis article has no comments yet, be the first to comment\n<\/div>\n<\/div>\n<p><!-- uploaded by: 55 updated by: -1 --><\/p>\n<p><!-- Start of html generated by this->footer() -->\n<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sports News of Monday, 14 August 2017 Source: GHANAsoccernet.com 2017-08-14 Capital Bank withdrew its sponsorship with GFA 3 years ago &#13; Capital Bank withdrew its sponsorship with the Ghana FA because they were in a financial quagmire to throw claims of the noncompetitive and poor branding of the league into the dustbin. The indigenous bank [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":411569,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-411568","post","type-post","status-publish","format-standard","has-post-thumbnail","category-sports"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Revealed: Capital Bank withdrew GFA sponsorship because they were broke - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/08\/14\/revealed-capital-bank-withdrew-gfa-sponsorship-because-they-were-broke\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Revealed: Capital Bank withdrew GFA sponsorship because they were broke - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Sports News of Monday, 14 August 2017 Source: GHANAsoccernet.com 2017-08-14 Capital Bank withdrew its sponsorship with GFA 3 years ago &#013; Capital Bank withdrew its sponsorship with the Ghana FA because they were in a financial quagmire to throw claims of the noncompetitive and poor branding of the league into the dustbin. 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