Birmingham and the West Midlands region will benefit from a £778m investment to stage the 2022 Commonwealth Games, the government has confirmed.
The public funding will be split approximately between investment from central government (£594m) and Birmingham City Council and a number of its key partners (£184m).
Additional commercial revenue will be raised by the Birmingham 2022 Organising Committee and Commonwealth Games Federation Partnerships through ticket sales, sponsorship, merchandising and the sale of broadcast rights.
Mims Davies MP, Minister for Sport and Civil Society said: “The Birmingham 2022 Commonwealth Games will be the biggest sporting and cultural event ever held in the city. Watched by one and a half billion people worldwide, this is a massive opportunity to showcase the best that Birmingham, the West Midlands and the whole UK has to offer.”
Ian Reid, Chief Executive Officer for Birmingham 2022, said: “The £778m of public funding confirmed today not only covers our costs for delivering the Games but a portion of this money will be invested in a couple of our key venues, covering some of the costs relating to the redevelopment of the Alexander Stadium and the building of the brand new Sandwell Aquatics Centre.”
The evidence from previous host cities demonstrates the significant benefits of staging the Games. Gold Coast 2018 Games is expected to have delivered a £1.3 billion boost to the Queensland economy.
The Games provides an important opportunity for local and regional suppliers. On the Gold Coast, 84% of contracts were won by local or regional businesses and in Glasgow, 76% of the total value of contracts awarded went to Glaswegian or Scottish companies.
To ensure that local companies start to capitalise on the opportunities that the Birmingham 2022 Commonwealth Games present, briefings for hundreds of businesses have already taken place and more are planned in the run-up to the Games.