The City of Toronto is going to foot the bill for the FIFA World Cup while its partner Maple Leaf Sports & Entertainment stands to make millions without taking on any risk in hosting global competition.
In a letter of intent published on Feb. 10 and obtained by CTV News Toronto, the city said MLSE will be kept “whole” in the lead up to, and execution of, the 2026 tournament, including reimbursing the sports and real estate company for improvements to BMO Field and any lost revenues.
Bell and Rogers have a majority stake in MLSE, which owns the Toronto Maple Leafs, Toronto Raptors, and Toronto FC, while Larry Tanenbaum holds 25 per cent of the company through Kilmer Sports Inc. “We are a city that is very much in debt,” she said. “I don’t know how we’re going to take on another FIFA debt.”
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