The 2014 World Cup in Brazil is set to provide a record $5 billion (about N790 billion) windfall for FIFA, according to audit and consultancy firm BDO.
The figure represents a 36 percent rise on the $3.655 billion made at the last World Cup in South Africa and is 110 percent higher than the $2.345 billion earned at the 2006 World Cup in Germany, Xinhua has reported.
According to BDO, revenue from television rights and soaring sponsorship demand based on the tournament’s ‘exclusivity’ provided the catalyst for the World Cup’s rise in profitability.
“The World Cup market continues to grow and the likelihood is that the trend will continue at the following World Cups in Russia in 2018 and Qatar 2022,” BDO spokesperson Pedro Daniel said.
“Television networks that win the rights to broadcast the event, pay a fortune but it is very good business due to the money they make from publicity.”
Daniel estimates the event will contribute to a one percent rise in Brazil’s 2014 Gross Domestic Product. Prize money for the tournament has also risen by a third since 2010, with the 2014 champions set to take home $40 million, according to FIFA.