Thursday, 14 June 2018

Fifa likely to beat profit target with Russia World Cup

The 2018 World Cup has cost Russia billions of dollars to stage and will make Fifa, football's world governing body, hundreds of millions in profit.



Still, the big numbers that are routine for major sports events are unlikely to set World Cup records, according to AP.

Russia's official budget of 678 billion roubles (Dh42.6bn) spent on projects for the tournament is less than the estimated $15bn spent by Brazil on the 2014 World Cup.

The budget to meet President Vladimir Putin's pledge to showcase a warmer, more open Russia excludes some transport projects the tournament relies on. It also looks a bargain compared to the $51bn bill for the 2014 Winter Olympics that extended from Sochi into nearby mountains.

Fifa will top $6bn for the four-year commercial cycle tied to this World Cup, beating its $5.65bn target. The marquee tournament is overwhelmingly the main source of Fifa income.

That target, however, was conservative compared to $5.72bn of overall income booked by Fifa in the Brazilian World Cup period.

Sponsors have been harder to sign since the May 2015 revelation of American and Swiss federal investigations of bribery rocked Fifa and dozens of international soccer leaders.

Read full article on The Nation Business

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