Why the World Cup won't make money
In South Africa, a third of the population lives on $2 or less a day.
In rural Nelspruit, where many of the locals live without electricity or running water, four World Cup games will be played in a state-of-the-art, 46,000-seat structure that was built at a cost of $137 million.
The South African government has spent an estimated $6 billion on World Cup-related infrastructure, from new stadiums to transportation improvements.
The justification for the monumental cost of hosting this summer's World Cup: an economic bonanza; a watershed moment for the African continent; an investment that will reap handsome rewards; an opportunity to attract foreign investors.
All these arguments are tenuous at best.
(continue)
In South Africa, a third of the population lives on $2 or less a day.
In rural Nelspruit, where many of the locals live without electricity or running water, four World Cup games will be played in a state-of-the-art, 46,000-seat structure that was built at a cost of $137 million.
The South African government has spent an estimated $6 billion on World Cup-related infrastructure, from new stadiums to transportation improvements.
The justification for the monumental cost of hosting this summer's World Cup: an economic bonanza; a watershed moment for the African continent; an investment that will reap handsome rewards; an opportunity to attract foreign investors.
All these arguments are tenuous at best.
(continue)
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