The city of Toronto must decide whether or not it is willing to incur over $290 million USD in cost to host up to five games during the upcoming 2026 FIFA World Cup. Toronto is expected to spend more than $90 million USD to make the needed adjustments in order to bring the games to Canada.
CP24 reports that the while the cost of hosting the games is $290 million USD, the provincial and federal government is also expected to pick up two-thirds of the tab. The amount is a large jump from the estimated $30 to $45 million USD initially provided by the staff report in 2018 when the city first expressed interest in hosting the World Cup.
Though the cost is no easy number to swallow, the games are expected to bring in $307 million USD of GDP impact, creating around 3,300 jobs. It will also boost tourism in the city, bringing 174,000 overnight visitors to the city. Mayor John Tory said, “It will put Toronto on the map. This is the biggest sporting event in the world and I think for us to be a part of it I think the vast majority of the people of Toronto will be excited about that and they will see the business sense in it.”
If Toronto decides to go through with this, the city would need to spend around $63.7 million USD to renovate the BMO Field so that it could accommodate an additional 15,000 fans. Construction of the BMO Field would begin in 2024. Just last month, Canada’s men’s national team qualified for this year’s World Cup.
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Tagged: Sports