The Ontario government said it will not provide additional funding to Toronto as the cost of hosting the FIFA World Cup continues to rise.

A spokesperson for the Minister of Tourism, Culture and Sport said in a statement to CTV News Toronto: "Our total commitment will not exceed $97 million."

"The decision to make this one-time investment was made after due diligence and thorough review and study."

A new city report indicated that the cost of hosting the global sporting event now totals $380 million, about $80 million more than the original estimate two years ago.

This change is attributed to inflationary price estimates, vendor bids, and safety requirements.

Toronto is scheduled to host six matches in the World Cup, while the rest of the tournament will take place in Vancouver, the United States, and Mexico. The opening match will be on June 12, 2026.

The cost of the tournament is expected to be split among the three levels of government, with the City of Toronto originally committing $90 million. Part of this amount has already been allocated for the design and upgrade of BMO Field, where the matches will be held.

The federal government has not yet specified the amount it will provide to the city.

The province said its support "is subject to agreements currently being negotiated and the federal government's commitment."

Toronto Mayor Olivia Chow acknowledged on Monday that it is important to be transparent and realistic when it comes to the financial costs of hosting a global sporting event.

She said while in Ottawa: "No one anticipated today's inflation rate."

City officials say the trade-off is worth it, adding that the World Cup is expected to provide a GDP benefit of about $392 million for Toronto and $456 million for Ontario.

The city is also considering directing some revenue from the municipal hotel tax to fund the tournament, as well as exploring private sector sponsorship.