World Cup 2026 is now expected to cost Toronto $80 million more than the previously estimated price tag of $300 million.
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When I last wrote about this in August 2023, I told you that CTV News reported, “The games are expected to produce $307 million in gross domestic product, create 3,300 jobs and bring with it 174,000 overnight visitors.”
Now we are being told that the economic benefit will be $392 million.
Magically, the benefit somehow rose to stay ahead of the new cost estimate.
Canadian Press reported: “The report links the estimated $80 million cost increase to Toronto being awarded a sixth group stage match, instead of the five initially predicted, as well as an evaluation of vendor quotes, safety and security requirements and inflationary uncertainty.”
We made the deal not knowing how many games we were hosting?
We made the deal before we evaluated vendor quotes, safety and security?
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Quite possibly yes, because these types of events are hurriedly foisted on communities by eager sports enthusiasts who have access to feckless politicians, both of whom want to lay claim to “world-class projects” using other people’s money.
Shame on Toronto Mayor Olivia Chow for continuing to champion the World Cup despite the cost overrun, mere weeks after pushing through a huge tax increase — 9.5% — which she deemed was necessary to deal with Toronto’s dismal fiscal reality.
Boosters like to say that the city is only in for one-third of the cost.
That is disingenuous at best. It is of no consolation to a taxpayer in Moose Jaw, Sask., to know that Toronto’s fun is subsidized at their expense.
As for the province, Queen’s Park has signalled that its $97 million contribution will not increase despite the new estimate, putting the cost sharing out of whack already.
With two years to go, it will actually be grimly surprising if we don’t see the cost balloon to well over $400 million.
Perhaps at that point, the economic benefit estimate will also jump, coming in at $420 million.
Amazing how that happens.
Handily, for comparison, we were recently given a coincidental example of a huge economic and entertainment event.
Taylor Swift, whom I have described as an economy disguised as a young woman, sold out the Rogers Centre for six concerts; a total of 300,000 tickets.
While the city engaged with the infamously corrupt FIFA organization to spend hundreds of millions for soccer, how much did Swift demand from the taxpayers?
Not a dime, so far as I can tell.
Certainly, there will be a policing expense, but that’s true for soccer, baseball, concerts, protests, and Saturday night revelry.
Government projects are almost always oversold in terms of benefits and undersold in terms of expense.
But, eventually, the bill will come due.
Almost all big taxpayer-supported sports events lose money.
The city is provably the worst landlord in Toronto, with an enormous backlog of repairs a decent landlord would get done.
Every capital project – the latest being the Eglinton Crosstown LRT – is over budget and late by often a matter of years.
You could look those things up.
Yet, we are to believe those same mismanagers, by golly, know how to do a soccer event.
I seldom agree with Councillor Josh Matlow, but he is right in this case. The city is scoring an own goal.
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