Boston's World Cup organizers acknowledge fundraising woes
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Host committee chief Mike Loynd acknowledged that fundraising for World Cup events has proven difficult. Photo: Steph Solis/Axios
Boston's World Cup organizers anticipate a smaller series of fan celebrations this summer than they originally envisioned.
Why it matters: They promised an international tournament that would boost Greater Boston's economy, but so far, FIFA has been the biggest winner.
Catch up quick: FIFA sold out its top sponsorship packages and expects to earn $1.8 billion from its commercial sponsorship rights.
- Its sponsors include major companies in financial services, food and beverage, hospitality, sportswear and tech.
- Each city can name up to 10 corporate sponsors who don't compete with FIFA's partners, many of whom compete with major would-be sponsors in Greater Boston.
State of play: Boston trails behind other cities in corporate sponsorships, with the host committee listing three sponsors — MeetBoston, Sanofi and State Street.
- Jon Persch resigned as chief commercial officer of the FIFA World Cup Boston Host Committee last month.
- Mike Loynd, head of the host committee, acknowledged at a Greater Boston Chamber of Commerce event Wednesday that fundraising has proven difficult, though he noted the crowded event calendar this summer with Tall Ships and the nation's 250th anniversary.
- He told the Boston Globe before the event that the committee's budget may fall below $100 million (it was previously set at $170 million).
What they're saying: Asked by an attendee about fundraising challenges, Loynd said the committee did have aspirations for a larger FanFest and larger regional events for the World Cup.
- "But I think we're going to land at a very fiscally responsible, very exciting event for Massachusetts," he said.
Context: The chamber event came weeks after a public feud between organizers and the town of Foxborough, which had refused to issue FIFA the event license without assurances it wouldn't be footing the $7.8 million bill for security for the seven matches planned at Gillette Stadium.
- They reached a resolution last month after the Kraft Group, which owns the stadium but not the land, agreed to front the host committee the funds.
- Massachusetts received $46 million from the FIFA World Cup Grant Program, the smallest funding amount next to Seattle, and the state committed $10 million to support local celebrations.
What we're watching: The games kick off in June, giving the committee two months to shore up any last-minute sponsors.