The hosting of major sporting events has contributed £1.6bn (US$2.1bn, €1.9bn) to London’s economy since the 2012 Olympics, according to a report.
Published by London & Partners – the mayor of London’s business and promotional organisation – the document stated that sport brought in the lion’s share of the £2.2bn (US$2.9bn, €1.6bn) generated from sporting and cultural events staged in the capital over the last four years.
Last autumn’s Rugby World Cup was the biggest event, with £539m (US$714.2m, €639.4m) of economic impact – almost as much as the £560m (US$741.8m, €665.4m) generated from concerts and festivals combined.
The UCI Track Cycling World Championships have contributed £149m (US$197.4m, €176.8m) since 2012, while London is hosting a number of other major sporting events – such as the IAAF World Athletics Championship in 2017, the Cricket World Cup in 2019 and the semi-finals and final of the UEFA Euro 2020 Championships – in the next four years.
Mayor of London Sadiq Khan said the figures “underline the enormous contribution major events make to the economy in London”.
“Since the 2012 Olympic and Paralympic Games London has secured some of the best global sporting and cultural events,” added Iain Edmondson, head of major events at London & Partners.
“The city is recognised around the world as a fantastic destination for major events, which are a big draw for UK and international visitors and help boost London’s economy by billions of pounds.”
First published on www.sportsmanagement.co.uk 1 August 2016, written by Matthew Campelli