Pride Toronto says it’s facing a $900,000 shortfall after multiple sponsors pulled out, raising concerns for next year’s event.
On Wednesday, Pride Toronto Executive Director Kojo Modeste announced the shortage, saying that although this year’s festival is not at risk and won’t see any noticeable differences, the 2026 edition of Pride could face significant consequences.
“At present, we are just under $900,000 in order to put on the level of festival that we normally do. This is not solely as a result of sponsors reducing their amount and sponsors pulling out, but this also has to do with the costs of running a festival,” he said during a media conference.
“If we do not get the support that is needed, 2026 will be the festival that will be mostly impacted. And I have to say, as a Torontonian, we do not want to lose our status [as] the largest Pride in North America [and] the second largest Pride in the world.”
Pride Toronto has recently lost significant sponsorship revenue, including from long-standing partners like Home Depot and Google Canada, who have decided to either reduce or pull out their contributions altogether.
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During the announcement on Wednesday, Modeste reiterated his opinion that sponsors have decided to pull out after the U.S. President Donald Trump’s administration started cracking down on DEI-related issues.
“We believe there’s a direct connection between the policies that we’re seeing coming out of the White House and the organizations that are pulling out,” he said.
“When you look at some of the policies, some of the statements that some of these U.S. CEOs have made, they are directly attacking the 2SLGBTQI+ community, they are directly attacking the trans community, they are pulling away from diversity, equity and inclusion.”
The director also said that Pride Toronto will not be welcoming back sponsors that pulled out with open arms, suggesting that they will have to prove “that they are ready and they’ve done their work” if they wish to be re-included in the event.
“I say this with absolutely no apologies: you don’t walk away from us when our house is on fire and when we rebuild you try to come back,” he added.
CITY, RESIDENTS AND SPONSORS HELPING OUT WITH COSTS
Meanwhile, Modeste attributes the current deficit not only to the sponsorship loss, but also to the rising costs of running a festival in Toronto, which he says sums up to approximately $5 million each year.
“This is also the cost of doing business. If folks remember, in 2022, our insurance went up by almost 200 per cent. [Plus,] the cost of security, everything, all prices are going up. So, we constantly have to play catch up,” he added.
However, the director says that the festival has also seen increased support from the City of Toronto, which has committed to increasing funding for the next three years.
Additionally, Torontonians have also been standing up for the festival, having raised $10,000 in individual donations to keep the event running and speaking out about the importance of Pride.
“What I’m most encouraged by today is that we’ve had over 175 Torontonians step up and say they’d like to see Pride continue and remain a free event for the community,” he said. “Anything anyone can do would be greatly appreciated.”
Current sponsors such as SEIU Healthcare have also ramped up their contributions in order to compensate for the losses.
“We have made a decision to increase our sponsorship, not just because others have stepped back…but our union is committed to diversity, equity and inclusion. We’re committed to include those principles not just in programs, sponsorships and initiatives, but in everything we do,” SEIU Chief of Operations Kristof Birocz told Now Toronto.
Toronto is home to one of the biggest Pride events in the world, holding the status of the biggest Pride in North America since 2023 when over 3 million people took out the city’s streets to celebrate the Canadian 2SLGBTQI+ community.
This year’s Pride is inviting Torontonians to participate in the parade that will run along Yonge St. between Gould St. and Charles St. on June 29, filled with performances, vendors and lots of celebration for the community. Pride is also hosting dozens of other events throughout June as part of Pride month. Click here for more information and a full schedule of events.
