Vancouver plans for huge payoff at World Cup despite rising costs

Vancouver now believes the price of hosting the 2026 World Cup games to be double what was previously expected. British Columbia officials claimed on Tuesday that costs could reach up to $422 million. This would be a massive difference from the initial plans. Previous estimates two years ago were only at around $189 million.

The western Canadian city has been named as one of 16 total North American areas to host games of the upcoming tournament. Canada, along with the United States, and Mexico, will host the expanded competition throughout the summer of 2026. Of the 16 base areas chosen, two Canadian cities were picked to host matches. Toronto is joining Vancouver to bring the tournament north of the border.

Exact profit will depend on which teams play in Vancouver

While costs are rising, area officials are already planning ways to offset much of the expenses. According to a report by Forbes, Vancouver is counting on potentially huge funds set aside from the government. This includes an $84 million boost directly from the national authorities. However, the city is also expecting to receive another $167 million tax break as well. A similar move was made when Vancouver hosted the 2010 Winter Olympics.

In total, local officials may end up paying as low as $105 million in net costs for the tournament. If so, Vancouver is planning on still generating a fairly massive profit from hosting World Cup games. Province executives believe that the tournament could eventually bring in around $725 million over the next few years.

The huge haul would essentially come down to tourism. Officials are currently planning for an extra million visitors to come in and out of the area around the competition. The exact figure of tourists, however, will greatly depend on potential teams to play in Vancouver. Particular group-stage matchups are available until late 2025 when the 48-team field fills out.

Planners are expecting around 350,000 fans to directly visit BC…

Source link : https://worldsoccertalk.com/news/vancouver-plans-for-huge-payoff-at-world-cup-despite-rising-costs/

Author : Chris Moore

Publish date : 2024-05-01 20:10:56

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