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To what extent do major sporting events boost, local, regional and national economies?

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Introduction

To what extent do major sporting events boost, local, regional and national economies? The term 'economic impact' used in isolation is interpreted in different ways in both short and long term. Therefore, UK sport has adapted the following definition within its major events strategy: 'The net economic change in a host community that results from spending attributes to a sports event or facility'. (Turco and Kelsey 1992) For the purpose of this report I will use the following definitions: Local Economy = Have or relating to a city, town, or district rather than a larger area that has economic effect. Regional Economy = Have or relating to a large geographic region that has economic values. National Economy = Of, relating to, or belonging to, a nation as a organised whole with economic issues. I will look at how Major Sporting events within the U.K; boost the local, regional and national economy. I will use examples of sporting events held within the U.K and assess whether or not they have been beneficial to the local, regional and national areas. A major sporting event, is an event that will affect a large region of any country, it is also an event that is watched internationally by millions. Examples of major sporting events consist of the Olympics, which are held every four years, the World Cup or Wimbledon. ...read more.

Middle

Additional employment impacts, including direct and indirect effects, will be the greatest in the East of Manchester area, which was the focal point for the games. The additional employment amounts to 2,400 jobs, and for the North West 1,920 jobs, and over 420 jobs in the whole of the U.K. The games are seen as a catalyst, a focus and foundation for regeneration in East Manchester. At the same time, it has shaped existing regeneration initiatives and defined policy priorities. More generally, the games are seen as a contribution towards the new image of the area and encouraging diversity, therefore the economic impact Manchester has received has been staggering, and is an example of how major sporting events benefit the entire country. Overall it is possible to say that the Manchester Commonwealth Games where a success as the benefits outweighed the expenditure put into the games. This point is emphasised as many of the beneficial impacts that came out of the games consisted of employment impacts, infrastructure improvements and improved sports facilties. Also new economic activity tends to displace economic activity elsewhere. However, because of the wider role and function of the games, the loss is much less than would have been expected. In contrast the 2012 London Olympic bid, has already been beneficial to the London region, although the actual games haven't been held in the U.K and most surprisingly London hasn't been confirmed as the intended host for these games. ...read more.

Conclusion

expenditure exceeds the benefits if the proposed bid is rejected Independent Cost Benefit Analysis * The IOC will give approximately �1 billion towards the staging of the games, through the sale of worldwide TV rights sponsorship. * The IOC requires 42,000 hotel rooms by 2012. * Sporting facilities needed to cater for training athletes totalling �2,000,000. * The cost of overruns could bring the final bill to �7.2bn. * Forecast revenues of �2.5bn. * The government and the mayor of London have agreed a total funding package of �2.4bn. * To cover overruns, the government has so far assumed contingency funding of �1.2bn This therefore makes the bid a gamble, although the London people are reaping the benefits as parts of the city is regenerated. In conclusion it can be said that major sporting events do have a major economic impact. From the evidence I have collected, I can conclude that there has been a significant impact on the local, regional and national scale, from the regeneration of certain areas, and income through tourism and sponsoring. I have analysed two major sporting events, one of which has already been hosted within the U.K and one, which is a bid, I used these case studies to distinguish impacts they have had on the local, regional and national scale. And can confidently say that these major sporting events have been successful. ...read more.

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