Team Sports Economics Essay Example | Topics and Well Written Essays - 1500 words - 3

Team Sports Economics - Essay Example Beyond the scene that regards hosting such events, there are certain synergies of mega-event sports competitions that could result in economic development to the city or even the entire country as a whole. There was a great deal of focus on the economic potentials of the 2012 London Olympics for the city and the country as a whole. Articles have been penned on the economic impacts of the London Olympics not only for the economy of the metropolis, but for the entire country as a whole. According to Great Britain (2012), predictions the GDP growth could have been affected by the Olympics games. The associated ticket sales that had been prepared for the 2012 Olympics games had been estimated to be about 0.1 percent of the UK economy, and the economic effects would be realized in the final quarter of the year (Great Britain, 2012: 45). According to the Word Bank (2012) the economic growth for the United Kingdom’s economy was 0.3%m therefore a contribution of 0.1% on the UK’s economy represents a significant contribution to the economy. on a micro economic level, sports events attracts a hordes of sports fans who troupe into a city’s hotels, restaurants, and businesses and bring forth a lot of money to such functions and the auxiliaries. According to the Office for National Statistics (2012) the visitors to the city during the games summed to over half a million spending an estimated average amount of  £1,290 per person, twice the amount spent by the non Olympic visitors. Preparations for these games involve a great deal of preparation which covers a huge outlay of funds for infrastructural developments. The high level of standards demanded by the International Olympic Committee, which includes the infrastructural developments as well as the security arrangements, makes an intrusion of the tax payer’s pockets mandatory. But despite the huge costs that these events have on the economy, profit must certainly