[ad_1]
A further $2.5 million was dedicated to the 2026 World Cup Organizing Committee. At a meeting Thursday morning, the New Jersey Sports and Exposition Authority agreed to advance an additional $2.5 million in taxpayer money to cover the cost of tournament host city obligations.
The authority’s board approved a $5 million revolving loan to the commission in 2022 using funds provided in the state’s fiscal year 2023 budget. At the time, the agency was given $30 million for “international events.”
This new measure brings the total amount up to $7.5 million, which the commission is using to generate revenue to meet its obligations. It plans to bring in corporate sponsors and “other supporters.”
Adam Levy, the authority’s vice president of regulatory affairs, said the funds are needed to “facilitate the fulfillment of our obligations related to preparing for, hosting and hosting games at MetLife Stadium.”
The agency-controlled stadium in the Meadowlands will host six round-robin games, as well as quarterfinal games and the tournament final on July 19, 2026.
Host city obligations are the responsibility of both New Jersey and the state’s partner, New York City, and officials have previously said the cost will be split 50-50 with the city. No formal agreement has been signed yet.
Another shot:Can New Jersey learn from its failure to host the 2014 Super Bowl and benefit from the World Cup?
Officials have already committed $30 million of that money to work at the stadium. They agreed to a contract worth approximately $16 million for the stadium expansion, $15,989,722 to be exact, and $669,497 paid to the stadium as reimbursement for costs related to design and pre-construction work. did.
The state also paid the New Jersey Department of Transportation $35 million to design a transportation system to serve the venue.
This will be the first time the men’s tournament will be held in multiple countries, with matches taking place at 16 venues across the United States, Canada and Mexico. It will open in Mexico City on June 11, 2026. The first game in the United States will be played at SoFi Stadium in Los Angeles.
Gov. Phil Murphy touted the economic benefits hosting the finals in East Rutherford would bring to the region, including revenue expected to reach billions of dollars.
“I think the $2 billion impact is vastly underestimated…It’s not going to be at all like, ‘I’m just going to go to Jersey and watch the game and go back to New York City,'” the governor said. . “Especially in Central and North Jersey, you’re going to have people coming out in droves to restaurants, bars, street fairs, fan fests, so the impact on those communities, and frankly all communities, is very positive. It will become something.”
[ad_2]
Source link
