FIBA World Cup Expected To Make $405M Economic Impact On Host Country Spain
The 2014 FIBA World Cup, which Spain will host from Aug. 30-Sept. 14, will have an "estimated economic impact" of €300M ($405M) on the country, according to Jose Felix Diaz of EL CONFIDENCIAL. Spanish Basketball Federation (FEB) President José Luis Sáez's "main objective is not to create a deficit." The budget for the tournament, which will include a total of 75 games held in Sevilla, Granada, Las Palmas, Bilbao, Madrid and Barcelona, will not exceed €40M ($54M). The investments already made into infrastructure have cost around €80M ($108M), with €70M ($94.5M) "going into the construction of a new stadium in Las Palmas and the rest being devoted to renovations of other stadiums." The revenue from the event will include €23M ($31M) in contributions from the host venues, €13.5M ($18.2M) from commercial sponsorship rights and €6M ($8.1M) from ticket and hospitality sales. The expenses will be split between promotion and advertising, operating expenses and programs to prepare the facilities for the period following the event. FIBA has put on sale approximately 650,000 tickets, with the goal of reserving 40% of the seats for fans outside Spain. The event will be broadcast in 200 countries (EL CONFIDENCIAL, 2/4).