Yahoo Finance sports reporter Josh Schafer joins the Live show to break down FIFA officials' decision to ban beer sales at soccer stadiums during the 2022 World Cup in Qatar, despite sponsorship by Anheuser-Busch.
- Now, another story, though, that might bring a tear to some people's eyes that's already developing around the World Cup-- FIFA today announcing there will be no beer sold inside the stadium, saying in part, quote, "a decision has been made to focus the sale of the alcoholic beverages on the FIFA Fan Festival, other fan destinations, and licensed venues, removing sales points of beer from Qatar's FIFA World Cup 2022 stadium perimeters." Now, given the timing of this, about 48 hours before kickoff and opening ceremonies, Josh, what do you make of this?
- Yeah, Rachelle. I was really surprised to see the rug pulled out so close to kickoff. We know there's an interesting relationship with alcohol in Qatar. And I think that was something we had been watching. But if you're Anheuser-Busch, you thought at this point the $75 million you spend on this sponsorship meant that you were going to get to serve beer in the stadium.
So one thing I'm watching for-- we don't know what it's going to mean yet, guys-- but is there going to be an inventory glut for Anheuser-Busch? They sent all this beer to Qatar, a country that doesn't drink alcohol. And now it's presumably just sitting there and they can't serve ir in the stadium. I don't know, Seana. I don't know what's exactly going to happen.
- Yeah. I know. I think that's a big question. And I also think just taking a look at the stock reaction, though, today, there wasn't a massive reaction to this news. So you would think, at least broadly speaking-- it actually closed the day up just about 1%. At least at this point, it doesn't seem like it will have a material impact. But like you and I were talking about earlier today, it will be interesting to see whether or not it's mentioned on the next earnings call.
- Right. Absolutely.
- All right. Josh Schafer, great stuff. Thanks so much.