Monday, December 11, 2023

Los Angeles is putting FIFA in trouble for the 2026 World Cup

With three years to go until the World Cup rematch, FIFA faces several problems. According to The Athletic, one of the key World Cup venues is about to be removed from the official list. English media report increasing tensions between FIFA and the company Kroenke Sports & Entertainment (KSE), owner of the SoFi Stadium in Los Angeles, one of the most important and important venues for the World Cup, due to the terms of the contract agreements regarding the transfer of their stadiums in the event of game disputes during the tournament.

Several sources indicate that KSE would not be happy with the way FIFA would try to distribute the revenue generated during the World Cup between cities and stadiums. And the stadium owners “expected that the initial payments (the investment for the tournament) would be recouped through commercial assets such as sponsorships, ticket sales or food sales during the games.” However, these conditions have not materialized in the form that the Kroenke family had hoped.

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Although there are currently no clear figures between cities and stadiums, FIFA predicted last December that an estimated total of $11,000 million in revenue could be generated in the four-year cycle up to the 2026 World Cup, the forecast is $3.1 billion, which is due Ticket sales and hospitality are generated. For this reason, The Athletic points out that “the Kroenkes would be convinced to abandon the tournament unless FIFA renegotiates the agreement” and are trying to get a bigger piece of the pie.

SoFi Stadium, a United States landmark

SoFi Stadium is currently the most expensive stadium ever built in the United States. With an estimated cost of more than $5 billion, the Los Angeles stadium can accommodate more than 80,000 spectators. It opened in 2020, allowing it to host the 2022 Super Bowl final between the Los Angeles Rams and the Bengals just two years later. It is expected to host the opening and closing ceremonies of the Los Angeles Olympics in 2028.

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The Los Angeles headquarters is a cornerstone of FIFA’s organizational plan leading up to the 2026 World Cup, which was evident last May when the organization held its brand launch event in the city of Los Angeles. Los Angeles was one of the founding cities of the MLS and previously hosted the 1994 World Cup final in the United States and the 1999 Women’s World Cup final.

Who are the Kroenkes?

The Kroenke family is one of the most important sports magnate families in the world, alongside the Glazers, Ratcliffes, Busses and Pinaults. His tentacles have reached almost every sport except MLB. The Kroenkes include Arsenal of the English Premier League, the Los Angeles Rams of the NFL, the Denver Nuggets of the NBA, the Colorado Rapids of the MLS and the Colorado Avalanche of the NHL. The Kroenke family’s current fortune is estimated at $14.6 billion.

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Nation World News Desk
Nation World News Desk
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