London's 2040 Summer Olympics and 2029 Athletics World Championships: What's the Cost Saying?
Got some news hot off the press, folks! The city of dreams, London, plans to make a comeback on the world sports stage. The mayor himself, Sadiq Khan, has put forth an ambitious plan to host not one but two major events: the 2040 Olympics and the 2029 World Athletics Championships. You heard that right!
Now, I know what you're thinking – is it just a repeat of London 2012 and 2017? Well, think again! With urban regeneration out of the equation, the focus this time around will be on convincing the government about the economic benefits of hosting these events, particularly for a cash-strapped nation.
Khan's announcement has got the sports world buzzing, and it's music to the ears of Katherine Grainger, who recently moved from her role as chairperson of UK Sport (the lottery funder of British athletes) to chairing the BOA (the owner-manager of Team GB). Grainger has expressed concerns about the UK's lack of major sporting events in the coming years, and the BOA would be at the heart of any bid project.
But wait, there's more! Hosting two major events in the same city within three decades? That's unheard of, you say? Well, if London is successful, it will need to fend off competition from both Saudi Arabia and Africa to secure these coveted hosting rights.
Now, let's talk about the World Athletics Championships. The project to win hosting rights is already in motion under the supervision of Athletic Ventures, a joint venture comprising U.K. Athletics, London Marathon Events, and Great Run Company. The good news is that this trio isn't asking for government funding to be the financial backer of last resort, which has been traditional for big events across sports. Instead, they are aiming to have commercial organizations step up as alternative underwriters, which could pave the way for more sporting events in various cities, though it does increase the financial risk.
Cost-wise, the World Athletics Championships come with a price tag of tens of millions, in contrast to the billions required for the Olympics and Paralympics. London already has the necessary sporting venues, making the cost relatively lower. In the case of the 2017 World Athletics Championships, which I had the pleasure of chairing, the budget was £75 million, and we managed to turn a surplus of around £6 million. So, it's possible, with careful planning, to make these events profitable.
Athletic Ventures has put forward a funding request of £45 million for the 2029 World Athletics Championships. It remains to be seen what cash Khan is prepared to commit, and what the three partners of the joint venture are contributing beyond their expertise and labor.
As for the Olympics, it's a big question mark at the moment as to who owns the work plan for a potential bid and whether the IOC will even consider London as a host another time. This July's London Athletics Meet is about to sell out, boding well for ticket revenues from a World Athletics Championships in the same stadium.
In terms of the economic impact, it's common for event organizers to make pre-event estimates based on expected attendance, ticket sales, and tourism. However, these estimates can be heroic and impossible to verify, relying on assumptions that might not always hold true. For me, the real value in hosting major sporting events lies in providing opportunities for people to witness sporting excellence in person, fostering a sense of unity and inspiration that can't be quantified.
In conclusion, London aims to make a grand comeback on the world sports stage, with bold plans to host the 2040 Olympics and the 2029 World Athletics Championships. Will the city rise to the challenge and claim these prestigious events? Only time will tell!
- The economy, especially in a cash-strapped nation like the UK, could greatly benefit from hosting major sporting events such as the 2040 Olympics and the 2029 World Athletics Championships, as the mayor, Sadiq Khan, is focusing on.
- The sports world is abuzz with the news of London's plan to host the 2029 World Athletics Championships, with Athletic Ventures, a joint venture, leading the project.
- Sports-betting and sports-analysis industries might see an uptick in London if the city successfully hosts the 2029 World Athletics Championships, as people from around the world gather to witness sporting excellence.
- The 2029 World Athletics Championships project aims to secure commercial organizations as alternative underwriters, which could potentially pave the way for more sports events in various cities, though it increases the financial risk.
- In the scenario of London hosting the 2029 World Athletics Championships, the scattering of sports-loving spectators could provide a unique and inspiring experience that goes beyond the quantifiable economic impact of the event.
