Economics

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Four Years After 2012 Olympics, London's Economy Sees Huge ROI

10 Aug, 2016

By: Michael Popke

We don’t yet know the impact — economic or otherwise — of the 2016 Rio Olympic Games. But a recent report published by promotion company London & Partners International indicates hosting major sporting events has contributed more than $2.1 billion (or £1.6 billion) to London’s economy since that city’s 2012 Olympics and Paralympics.

According to the London & Partners website:

From the global springboard of the 2012 Olympic and Paralympic Games, we have helped secure and promote a long list of international sporting fixtures for London up to 2020. Whether it’s a UEFA European Championships Finals and Semi Finals 2020, the NFL International Series or the 2017 IAAF Athletics World Championships, we work hard to maximize exposure, visitor numbers and economic benefit. As a result, London has been rated the world’s best sporting city, engaging ever greater numbers of national and international visitors.

Among the events that have generated big bucks so far:

• 2015 Rugby World Cup

• Prudential RideLondon (Cycling)

• International Cycling Union (UCI) Track Cycling World Championships

• London Marathon

“I am convinced that the impact of the Games on London will be felt for decades,” UCI President Brian Cookson told Olympics and Paralympics news site insidethegames.biz.

As decision time for a host city for the 2024 Olympics creeps ever closer, it is a sure bet that proponents of Rome's bid will be using these figures to try to convince their new mayor, Virginia Raggi, of the viability and profitability of the Games. Raggi has been vocal in her opposition to having Rome continue in its bid.

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