June 27, 2010

South Africa pays for World Cup

The big loser of the 2010 World Cup in South Africa is already known: the country itself.

This emerged from the book Player and Referee: Conflicting Interests and the 2010 FIFA World Cup, published by the South African Institute for Security Studies. According to the research, the expenses for building new stadiums and infrastructure were initially estimated at 310 million dollar. In reality however, costs have already exceeded 2.4 billion dollar.

Additionally, Citibank studied the economical impact of the event, and concluded that all the benefits go to the FIFA and the South African taxpayers have to carry the majority of the financial burden.

(c) GLOCONOMY 2010

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