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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) 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 Stimulate and reinforce sports development Employment impacts Investment in infrastructure Showcasing Britain across the world Establish trade and investment links between regions in the country Transport links improved Developing cultural and artistic programmes Global Event (2012 London Olympic bid) National (Manchester Commonwealth games) One-Off (F.A Cup Final, Millennium Stadium) Advantages Advantages Advantages Regeneration and New housing Employment - 9,000 full time jobs, Businesses will relocate for games Boost to the convention industry New facilities Increased tourism Economic benefits Improved infrastructure Enhancing regeneration in Manchester and the North West region Improved road networks - Bus networks improved for travelling fans Relocation of ...read more.

Middle

The impact of the games compares favourably with reported impacts from other international sporting events in the U.K and places them on par with the rate of economic benefits achieved by the host cities of the last four Olympic games. The games generated a total of 16,000 jobs that will last from over a few months to over 10 years, the games would also bring an additional �22 million expenditure into Manchester, as well as the tourist industry greatly benefiting as an additional 300,000 visitors will visit Manchester in the future. 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. ...read more.

Conclusion

The games are seen as a very important feature the U.K could possibly have; this is made evident through the Chairman of the London Business Board, Ian Barlow who states, 'All of the contact we have had from business has confirmed that this will be good a good thing - for London and the U.K' This is an enthusiastic quote, which makes clear relevance of how important the games will be if hosted in London. It draws attention to the how beneficial the games will be to businesses within London. Although the bid has been extremely beneficial to the regeneration of parts of London, it will a be tragedy on the financial side if the bid is rejected, London has put so much behind the bid that the overall 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, although London will have 200,000. * Sporting facilities needed to cater for training athletes totalling �800,000 This therefore makes the bid a gamble, although the London people are reaping the benefits as parts of the city is regenerated. ...read more.

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