POSTED: January 23rd 2015
NewsUpdate

Russia looking to cap FIFA World Cup construction at $4.5 billion after costly Sochi Olympics

Luzhniki Stadium Moscow is getting a facelift for the FIFA 2018 World Cup / Wikimedia Commons
Luzhniki Stadium Moscow is getting a facelift for the FIFA 2018 World Cup / Wikimedia Commons

After an estimated $51 billion was spent on Sochi to host the 2014 Winter Games now they are looking to host the FIFA World Cup on sale.

(SFC) After the reported $51 billion that Russia spent on the Sochi 2014 Olympics the government is now looking for some cost cutting ways for stadium construction for the upcoming 2018 FIFA World Cup. Russia is calculating to allocate around 300 billion rubles, over $4.5 billion, for the construction and refurbishment of stadiums.

ITAR-TASS reports that First Vice Premier Igor Shuvalov, in charge of the coordination council for the 2018 World Cup preparations, decided Tuesday during a meeting that they need to consider various measures to cut down the expenses. With the ruble devaluating and escalating inflation the need is evident to reel in costs, especially after last year's Sochi Games went down in history as the most expensive Olympics ever leaving a number of venues with little legacy after the event.

Some of the measure for reducing the costs that were discussed highlighted the alterations in the stadiums and possibly replacing fixed seats with temporary ones, the idea to abolish a mandatory bank guarantee, zero tax duties on imported construction materials and an inflation amendment in government contracts for the calculation of future prices.

Russia is set to host the world's biggest football tournament June 14 to July 15, 2018 and twelve stadiums across the vast country will be built and renovated for the event.


Keywords · FIFA World Cup · Olympics · 2018 World Cup · Sochi 2014


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