Posted: Wednesday April 17, 2013 11:44 AM

Russia warned of costs overrun for World Cup 2018

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MOSCOW (AP) - Standard & Poor's is warning that many of the Russian host cities for World Cup 2018 will have trouble finding the money to build soccer stadiums and improve transportation and other infrastructure.

The rating agency says seven of the 11 host cities will have to borrow money or receive much more support from the federal government than now planned.

Unless the federal government steps up its funding, "the current poor state of municipal infrastructure in the host cities means the standards of infrastructure at tournament venues are likely to be lower than in the past,'' S&P said in the report issued Tuesday.

The Russian government estimates the total budget at $22 billion, which already is significantly higher than Brazil's budget of $13.6 billion for World Cup 2014.

 
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