Sporting events contribute £2.2 billion to London economy since 2012

By iSportconnect | July 29, 2016

Major sporting and cultural events contributed £2.2 billion ($2.92 billion)  to London’s economy since the 2012 Olympic and Paralympic Games.

London hosts around 80 major events each year, search which contribute at least £400 million to the city’s economy.

According to a report published by London & Partners – the Mayor of London’s business and promotional organisation – sporting events contributed an estimated £1.6 billion since 2012.

The biggest event – last year’s Rugby World Cup – generated £539 million, while major cultural events, such as Lumiere London, and an array of concerts and festivals delivered a combined £560 million.

Cycling events including the Prudential RideLondon, the Tour of Britain and the UCI Track Cycling World Championships have contributed £149 million since 2012. Prudential RideLondon, taking place this weekend, has contributed £53 million over its first three editions.  

The Mayor of London, Sadiq Khan, said: “These figures underline the enormous contribution major events make to the economy in London and the entire country.

“The message is loud and clear: London is open to visitors from around the world, who come to enjoy the incredible range of events and attractions on offer in the capital.

“From major sporting events like the Rugby World Cup and next year’s World Athletics and ParaAthletics Championships, to an incredible array of arts, history and entertainment, London’s sporting and cultural offer is one of the key reasons why this is the greatest city in the world.”

The £2.2 billion figure includes spending by visitors watching events which have come to London since the 2012 Olympic and Paralympic Games, such as the Tour de France, Formula E and ITU World Series Triathlon, as well as long-standing events such as the Wimbledon Championships, Tour of Britain, London Marathon and large concerts and festivals.

President of the UCI, Brian Cookson OBE, said: “Four years on, the legacy of the 2012 Olympic and Paralympic Games can clearly be felt in London, especially for cycling – not only as a competitive sport but also as a leisure activity and a means of transport. For example, the Prudential RideLondon has become a true celebration of cycling at all levels. It is a very attractive race for both male and female professional riders but it’s also the perfect occasion for everyone to take to their bikes, no matter their age or level of fitness.