World Cup costs SA R37 Billion More
2010-06-13 22:05
Julian Rademeyer, Beeld (translated)
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South Africa's bidding document, which it won, is under lock and key -- probably because the presentation details the frightening errors of the costs from curious eyes.Read more »
According to The South Africa 2010 Bid Book which won the bid for South Africa to host the World Cup, which was completed in 2003 and submitted to Fifa - it would have cost South Africa only about R3 billion to host the World Cup.
According to the latest estimates, the true cost has now risen to almost R40 billion - this after Mr. Pravin Gordhan, finance minister, stated in February that the Goverment had spent R33,1 billion on hosting the 2010 World Cup.
In contrast to the astronomical amount that the WB will cost South Africa, Fifa has made a larger profit from this World Cup, than any before it.
FIFA has already reaped in R 25 Billion, simply from the sale of TV and media rights.
FIFA, which is registered in Switzerland as a non-profit organisation, made a profit of $ 196 million (about R1.5 Billion) in 2009, and has assets of more than R 7 Billion.
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