Thu. Jul 18th, 2024

Toronto Faces Nearly $380M Bill for Hosting FIFA World Cup, New Report Reveals

Hosting the FIFA World Cup in Toronto is expected to incur a cost nearly $80 million higher than initially projected, as per a recent report released by the city. Originally estimated between $30 million to $45 million when first pitched in 2018, the expenses have surged to approximately $380 million.

Toronto and Vancouver are the chosen Canadian hosts for the 2026 World Cup, alongside venues in the United States and Mexico. Despite earlier anticipations of significant economic gains from the matches, the latest projections indicate escalating costs.

The recent report attributes the cost increase to Toronto being granted an additional match, bringing the total to six, as well as factors such as safety measures, vendor expenses, and inflationary impacts.

While the city foresees a boost in GDP of about $392 million for Toronto and $456 million for Ontario, alongside substantial tax revenues, the figures are slightly lower than previous estimates. These economic forecasts are based on hosting five matches, leaving room for potential adjustments.

City officials emphasize ongoing assessments to manage costs effectively, acknowledging the positive economic and cultural impacts anticipated from hosting the tournament.

“Toronto’s hosting of the FWC26 will bring positive economic and cultural benefits for the city, particularly in the tourism, hospitality, and entertainment sectors,” the report highlights.

“City staff are actively assessing and managing all costs, including identifying opportunities for cost mitigation.”

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