00:00This year's World Cup is really different. FIFA, for the first time ever, is coordinating with the
00:0416 host cities as opposed to a national federation. This means what happens in New York does not
00:09really affect what happens in LA and vice versa. As a result of that deal, FIFA is incentivized
00:15and is working in its best favor and at the cost of each individual city that's hosting.
00:20Whether or not the city makes money, it really just depends on who you are. The comptroller's
00:24office expects the city to spend around $70 million but only receive $55 million back in
00:29revenue. In five years, we look back at New York City hosting the World Cup and we ask,
00:33was it a good deal? Who knows? I have New York City pride. I'm going to say obviously it was
00:37a great
00:37time. But if you look at the last 14 World Cups, as in 1966, 12 of them ran out of
00:43deficit. In 1994
00:44alone, the nine host cities, which again was in the United States, they lost a cumulative $5.5 to
00:50$9.3 billion. So I can't really tell you if we come out on top in five years, but if
00:56we look at
00:56historical analysis of the past, probably not.
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