Cost Of Brazil's World Cup Football Stadiums Expected To Increase By $435M
The cost of 12 stadiums being prepared for next year's football World Cup in Brazil "has soared" by almost 1B reais ($435M), according to Tariq Panja of BLOOMBERG. The increase "was expected following delay and cost overruns at several venues." FIFA has demanded all the work be completed by next month, "a deadline unlikely to be met in some cities." The stadiums, "a mix of newly built and remodeled arenas," will now cost 8B reais. In December, "when the last data were published," the costs were estimated at 7.03B reais. In '10 the budget for stadiums was 5.3B reais. Brasilia's 71,000-seat Estadio Nacional "is the most costly venue," at 1.4B reais ($610M) (BLOOMBERG, 11/26).