FIFA has decided to repay Brazil a lump sum amount of $100mn after successfully hosting FIFA World Cup in 2014. The World Cup was hosted amidst the protests by the local trade unions and also culminated into the heartbreak for the hosts as they crashed out of the tournament in semis after being trashed by Germany 7-1.
Brazil has invested a rough figure of $15bn in order to host the quadrennial extravaganza. A lot of that money came from the government coffers which are basically nothing but the taxpayer’s money. There are allegations that Brazil underestimated the costs of hosting the tournament. Almost five new stadiums were built and quite a few were refurbished.
Due to this, FIFA has decided to boost Brazil’s sports and health projects by providing them with a $100mn Legacy fund. The fund will be utilized to develop sports facilities, youth and women's football, and medical and health projects. Earlier, FIFA prez Sepp Blatter has pledged that he will share a part of profits with the host nation to help them boost the football at grassroots.
It is estimated that FIFa earned revenues to the tune of $4bn from the World Cup in Brazil.
FIFA secretary-general Jerome Valcke addressed the issue of some investments that would be rendered useless post the tournament. He also responded to criticism of FIFA in the Brazilian media.
Valcke said, "Our commitment [is] to be in Brazil after the World Cup, not to leave, as some media said — I mean, [comments like] 'FIFA is coming to Brazil taking the money out of Brazil and run away from Brazil right after the final'. It is not true.
"FIFA is committed to develop and support football wherever we organize our events."
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