Time management in football matches has long been a contentious issue, with substantial delays arising from stoppages such as ball out-of-play scenarios, player injuries, substitutions, and VAR reviews. This research introduces an AI-driven system that leverages smart sensors, computer vision, and wearable technology to enhance timekeeping accuracy, reduce human error, and improve overall game fairness. Simulation results demonstrate that the proposed system significantly reduces average delays across key events. For instance, the delay caused by ball out-of-play events decreased from 15 seconds (traditional methods) to 2 seconds, achieving an 86.7% improvement. Similarly, the system reduced delays in substitutions and VAR reviews by 85.0% and 62.5%, respectively. Despite variations in conditions such as rainy weather or high-speed play, the system maintained an average accuracy of 96.3%, with a latency of less than 70 milliseconds, ensuring real-time performance. This innovative approach offers a practical solution to long-standing inefficiencies in football timekeeping, contributing to a more transparent and engaging experience for players, referees, and spectators alike.