Football’s governing body Fifa has been forced to build a £400m contingency fund to cater for the possible collapse of the 2010 World Cup.
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Insurers are holding off on a decision to provide coverage for the event in South Africa amid fears that the stadiums will not be ready in time. Assessors for Munich Re, the German insurance giant which insured the 2006 tournament in Germany, are concerned about progress.
“The situation is quite difficult and fluid,” said a spokesman for Munich Re. “The problem is they need 10 stadiums and some of these are rugby grounds that are run-down and in a very bad condition.”
Source: The Guardian News
