SO how much does it cost bringing basketball back home?
Long-time basketball patron Manny V. Pangilinan described it in just one word: Expensive.
Pangilinan didn’t give a ballpark figure of the expenses he had to shoulder in bidding for the hosting rights of the 2023 Fiba World Cup, but it certainly didn’t come cheap.
“The first word that came to my mind was expensive. I don’t think it is right to be précise about numbers,” said the Samahang Basketbol ng Pilipinas (SBP) chairman emeritus during the press conference at the Crowne Plaza Hotel in Ortigas on Thursday formally announcing the co-hosting of the world basketball championship here six years from now together with Japan and Indonesia.
“You can’t put a price on this thing, but FIBA was happy with the bid, that much I can say.”
When the country solely bid for the 2019 hosting of the same event two years ago, FIBA set a minimum tender of 8 million euros or the equivalent of P460 million. The SBP later upped the ante by offering 12 million euros only to lose the rights against China.
The spending is a little bit lower this time as the Philippines opted to form a consortium with Japan and Indonesia for the co-hosting rights, though it is still expected to be a little pricey.
“Our bid is based on four components, hosting fee, joint marketing session, with a share of the revenue events going to FIBA, strategic partnership (sponsorship with international companies), and bid deposit,” Pangilinan explained.
“And that is shared roughly 50 percent by the Philippines and 25 percent each for Japan and Indonesia.”
Pangilinan even managed to make jest out of the costing bid, saying the expenses he spent in travelling and staying in Geneva for the final campaign and the announcement of the winning bidder was actually more expensive than the bidding amount itself.
“I guess if I were to add up my hotel bills, and more importantly, my food bills, the prime costs more than the bidding expense,” he said drawing laughter from his audience, that include Philippine Olympic Committee (POC) president Jose ‘Peping’ Cojuangco, Senator Allan Peter Cayetano, SBP president Al Panlilio, SBP vice chairman Ronnie Puno, SBP executive director Sonny Barrios, and Gilas Pilipinas coach Chot Reyes.
No matter what the amount was, Cayetano said the hosting couldn’t be quantified by the opportunity the country can get in bringing basketball back home for the first time since 1978.
“I also don’t know how much it cost, but I can tell you, if it is a million, it’s also a million opportunity,” said the senator. “Why people are fighting over the hosting of the World Cup? Why people are fighting in hosting the Olympics? Because of the much opportunity, just the media value of how your country would be projected around the world.
“How much he (Pangilinan) spent, let’s continue to ask, but pantayan natin, peso-for-peso yung opportunity.”
Of course, that’s only for winning the hosting rights. Cost in staging the event is a different story all together.