Toronto to foot bill for 2026 World Cup while MLSE profits

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 the global competition.

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 the 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.

Net revenue generated by the games, of which at least five are expected to be hosted in Toronto, will be split between MLSE and the city to a maximum of $10 million, according to the document. Any money made on top of that will be split 60/40 to the city’s benefit.

While MLSE will manage the estimated taxpayer-funded $25-million project of upgrading BMO Field, where some 17,750 temporary seats need to be added to meet FIFA’s 45,000-seat requirement, the company largely won’t be on the hook for any costs incurred with issues that arise during the construction.

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. CTV News is a division of Bell Media, a subsidiary of Bell.

For MLSE’s part, it said it expects only to recooup the operational costs that come with getting the stadium up to FIFA standards, but will share the revenue generated from sponsoring the event with the city.

“MLSE looks forward to continuing its work with the city to welcome the world to Toronto in 2026 and produce what promises to be one of the most defining events in Toronto’s history,” a spokesperson told CTV News Toronto.