Menu
Events and Attractions

Russia Sports Minister Says Country To Cut Budget For 2018 World Cup Amid Economic Woes

Russian Sports Minister Vitaly Mutko said that the country "will cut the budget for hosting the 2018 World Cup as part of plans to slash state expenditure while recession looms," according to the AP. The Russian government is cutting its spending by 10% across the board after the central bank "predicted last month that the economy could contract 4.5 to 4.7 percent this year, under pressure from low oil prices and international sanctions." Mutko said that World Cup stadiums and associated infrastructure "would be exempt from the cuts." However, he said that "various organizational issues" and "subsidies to the organizing committee" would be cut, along with spending related to the draw ceremony. Mutko "did not provide specific figures, but suggested the cuts would also apply to the non-exempt areas of World Cup spending" (AP, 1/29). XINHUA reported Mutko said that "due to depreciation of the ruble, the cost of construction materials has hiked up by 25-30 percent as 25 percent of the materials for stadiums construction are from abroad." Mutko "refuted suggestions that Russia could downsize football stadiums to save money." He said, "FIFA won't let us do that." The total budget for the event was set at 664B rubles in '12. The figure stood at about $20B at that time, but it "drops to nearly half the number according to current exchange rate" (XINHUA, 1/29).

SBJ Morning Buzzcast: March 18, 2024

Sports Business Awards nominees unveiled; NWSL's historic opening weekend and takeaways from CFP deal

ESPN’s Jay Bilas, BTN’s Meghan McKeown, and a deep dive into AppleTV+’s The Dynasty

On this week’s Sports Media Podcast from the New York Post and Sports Business Journal, ESPN’s Jay Bilas talks all things NCAA. Big Ten Network’s Meghan McKeown shares her insight into the Caitlin Clark craze. The Boston Globe’s Chad Finn chats all things Bean Town. And SBJ’s Xavier Hunter drops in to share his findings on how the NWSL is making a social media push.

Learn more about your ad choices. Visit megaphone.fm/adchoices

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Global/Issues/2015/01/30/Events-and-Attractions/Russia-World-Cup.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Global/Issues/2015/01/30/Events-and-Attractions/Russia-World-Cup.aspx

CLOSE