Toronto World Cup price hiked by $10m, city report says
Toronto is four years away from hosting games for the 2026 World Cup, but the price of the event has already risen by $10 million, according to a new report from the city.
The estimated cost of hosting five games in Toronto is now expected to be around $300 million by 2026.
The provincial and federal governments are expected to cover about two-thirds of this amount. However, detailed financial commitments have not yet been obtained.
According to the report, which will be presented to Mayor John Tory’s executive committee next Tuesday, the costs are expected to be partially offset by access to commercial rights and other revenue opportunities that FIFA provides to event organisers.
Toronto was announced as the host city for the World Cup in mid-June, sparking celebrations among the city’s football fans. Tory had been cleared in April to accept the nomination although full government funding was not yet secured.
Toronto City Council is now being asked to approve a multi-party agreement between the city, province and federal government, as well as Soccer Canada, to help secure the funding.
However, the federal government has indicated that specific commitments will only be made once a national safety and security plan has been completed. This is not expected until early 2023. Provincial funding commitments have been delayed due to the date of the provincial election last month.
If the executive committee approves the multiparty agreement, it will be presented to the board on July 19. The board is also asked to hire nine people to support planning and preparation for the World Cup.
The 2026 World Cup will have a total of 80 matches. Ten of those games are expected to be played in Toronto and Vancouver.