POSTED: Monday March 8th 2010
FOR IMMEDIATE RELEASE
Sport Industry, World economic crisis and economic benefits!
Sport executives to discuss economic benefits and world economic crisis influence on sport industry!
World economists are skeptical about the economic benefits of hosting "mega-events" such as the Olympic Games or the World Cup, since such activities have considerable cost and seem to yield few tangible benefits. These doubts are rarely shared by policy-makers and the population, who are typically quite enthusiastic about such spectacles.
Summit will reconcile these positions by examining the economic impact of hosting mega-events like the Olympics and FIFA World Cup. Using a variety of trade models, Summit will show that hosting a mega-event like the Olympics has a positive impact on national exports. This effect is statistically robust, permanent, and large; trade is around 30% higher for countries that have hosted the Olympics. Interestingly however, Summit will also show that unsuccessful bids to host the Olympics have a similar positive impact on exports. Olympic effect on trade is attributable to the signal a country sends when bidding to host the games, rather than the act of actually holding a mega-event.
On the other way there are actually lots of reasons not to play host. Athens said hosting the games there would cost $1.6 billion. It ended up being about $16 billion. Beijing predicted $1.6 billion but current estimates say that’s more like $30 to $40 billion. And the 2012 games in London, originally expected to cost less than $5 billion, may now come with a price tag of around $19 billion…
So there you have it, an actual economic argument for hosting grand sporting events like the Olympics or the FIFA World Cup? Global Sports Industry Summit 2010 speakers will answer on all of that questions!
Selection of confirmed attendees: The Coca Cola Company chief marketing officer Joe Tripodi, MasterCard chief marketing officer Larry Flanagan; VISA chief marketing officer Antonio Lucio; Heineken chief marketing officer Alexis Nasard; Sony Ericsson WTA Tour chairman and chief executive Stacey Allaster; AB InBev global director sports Eelco van der Noll; London 2012 director of sports Debbie Jevans; BBC director of London 2012 Roger Mosey; ESPN Star Sports managing director Manu Sawhney; IMG president George Pyne, AEG's president and chief executive Tim Lewieke; Octagon president and chief executive Rick Dudley; Wasserman Media Group chairman and chief executive Casey Wasserman; Infront Sports and Media president and chief executive Philippe Blatter; Total Sports Asia founder Marcus Luer; FISU secretary general and chief executive Eric Saintrond; FIFA Beach Soccer chief executive Joan Cusco; Bonham & Associates founder Dean Bonham and HBS founder and chief executive Francis Tellier as speakers at the Global Sports Industry Summit 2010.
The Global Sports Industry Summit takes place from September 28 - October 1, 2010.
The Global Sports Industry Summit in Paris, brings together a powerful community of leaders who are setting the agenda for the international sports industry. The Summit will focus on the world economic crisis and its influence on sport industry as well as the tension between tradition and innovation in sport, as the industry looks to expand while staying true to its roots.
Exclusively reserved for the leading players in the sports industry, the summit’s high-level participation and practical discussion will encourage open, constructive and candid debate.
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Name: David Seitz
Organization: Global Sports Industry Summit
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