As the World Cup tournament begins, FIFA has announced that the tournament has hit a new record revenue of $7.5 billion.
Key Details
- FIFA President Gianni Infantino announced that the four years leading up to the tournament have brought in a $7.5 billion revenue and $1 billion profit.
- This marks a billion-dollar increase from the World Cup held in Russia during 2018 which held the previous record.
- Much of the increased revenue comes from new TV deals.
- Even with the massive revenue brought in, it hardly compares to the amount Qatar has spent ahead of this year’s World Cup—approximately $250 billion.
Why it’s news
The Qatar World Cup event has been 12 years in the making. During that time, the oil-rich Middle Eastern country has been constructing a massive new stadium and adding dozens of hotels to accommodate the expected masses.
In all, Qatar has reportedly spent nearly $250 billion in preparation for the event.
This year marks the first World Cup to be hosted in the Middle East. Qatar and the surrounding countries have made an effort to establish a greater presence in the world of sports. Billions of dollars have flowed into European football clubs, races, and the LIV tour that is attempting to change the world of golf.
Though just beginning, the event has not been without its controversy. Critics have voiced concerns over the country’s historically poor treatment of women and LGBTQ people as well as migrant laborers building the stadiums and hotels.
Just a few days before the event began, FIFA announced that the sale of alcohol within the stadiums would be banned—limiting major sponsor Budweiser’s reach.
Despite setbacks and criticism, the month-long tournament is underway and millions of fans will flood the city to watch their favorite teams compete.
The United States tied its first game 1-1 against Wales.
