Interview
Carlos Cordeiro on the Legacy of the FIFA World Cup 2026
- The 2026 FIFA World Cup will be the first edition to feature 48 teams and 104 matches across three nations: the United States, Canada, and Mexico.
- This is FIFA's inaugural joint bid involving three countries, a departure from the organization's historical precedent of single-host bids.
- The tournament is projected to generate approximately $20–25 billion in U.S. GDP impact, a figure exceeding the GDP of one-third of the world's nations.
- An estimated 7 to 8 million international tourists are expected to attend the event, driving revenue in housing, travel, and hospitality sectors.
- FIFA's revenue for the 2026 cycle is projected to reach approximately $14 billion, double the revenue of the previous cycle, driven by larger stadiums and increased ticket sales in North America.
- Estimated tournament expenses, including stadium renovations, FIFA-standard grass installation, and logistics for 48 teams, are approaching $4 billion.
- Net revenue generated from this single tournament funds FIFA's operations and development programs for the subsequent 47 months of the four-year cycle.
- One-third of the world's football federations rely entirely on FIFA funding for 100% of their budgets, covering development, academies, national teams, and coach training.
- The event will be broadcast to a cumulative global television audience of approximately 6 billion people, with the final match projected to reach 2.5 billion viewers.
- The broadcast reach is 20 times that of the Super Bowl, which typically draws 125 million global viewers.
- Carlos Cordero, co-chair of the 2026 bid, previously served as a Goldman Sachs partner for over a decade and led the U.S. team's 2022 bid effort before the shift to the joint North American bid.
- The U.S. lost its initial bid for the 2022 World Cup to Qatar in 2010; the subsequent 2026 bid strategy changed after FIFA governance reforms were implemented in 2016.
- The U.S. men's national team has transitioned from being predominantly MLS-based to a core group composed mainly of players competing in European leagues.
- Title IX legislation is credited with making soccer the largest beneficiary among women's collegiate sports, contributing to the U.S. women's team dominance, whereas the men's program is still developing its professional infrastructure.
- The long-term legacy of the tournament aims to produce the first Lionel Messi-level talent developed and emerging directly from the U.S. system rather than Europe.
- FIFA is prioritizing increased access and funding for underserved communities to address the high cost of participation and retain top American athletic talent.
- In 1994, Cordero facilitated South Africa's first post-apartheid entry into international capital markets, leading a $500 million bond deal (upsized to $750 million) that secured the country's investment-grade rating.
- The successful South Africa deal involved direct negotiations with President Nelson Mandela regarding rating agency requirements.
- The 2026 bid victory was attributed to the strategy of unifying three nations, which neutralized concerns regarding the U.S. global standing and secured necessary votes through personal relationship-building with member associations.
- Cordero notes that FIFA governance required significant reform, shifting from a lack of board committees and risk focus to a structured compliance model to manage increasing budgets.
- The World Cup aims to shift global perceptions of the United States by showcasing hospitality and welcoming attitudes to 39 days of events across North America.
- Only eight countries have won the World Cup in its 100-year history, a trend Cordero suggests will break with the emergence of unexpected finalists like Morocco.
- Cordero expressed a hope that the U.S. men's team will reach the semi-finals or final in the 2026 tournament or the subsequent cycle.