A 'big prize' awaits Coventry as the Sky Blues seal their promotion to the Premier League. It will see the club playing in the biggest league in the world for the first time in 25 years.
While it says that the financial benefits to the city are hard to officially calculate, the Coventry and Warwickshire Chamber of Commerce has said that putting the city on the world stage will bring a 'big prize' in terms of an economic boost.
The club last night (Friday) confirmed their place back in the top-flight of English football for the first time since 2001.
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"It’s hard to put an exact figure on what Premier League football would mean in terms of an economic boost but there is plenty of evidence out there to say it will be huge," said Corin Crane, the chief executive of Coventry and Warwickshire Chamber of Commerce,
“The Premier League’s international profile has moved on massively since the Sky Blues were last there in 2001 and is now followed by close to two billion people worldwide.
“So, in terms of profile alone, having the eyes of the world on the city and our name reaching global audiences on an almost daily basis is massive and could have a positive impact on inward investment.
“It would bring additional visitors to Coventry, and colleagues at the North East Chamber have told us how Sunderland’s promotion has led to an increase in food and beverage spend in the city."
While Mr Crane declined to put an exact figure on what promotion is worth to Coventry, it's been estimated that a team's promotion to the Premier League could be worth up to £75m when it's happened in other cities. The BBC reported that a business expert calculated that Cardiff's promotion was worth this figure in 2018.
It was based on £100m in revenues to the club from TV deals, £25m in local spending by visitors and extra local spend and other income, estimated at a further £25-£50m.
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'Boost for everyone'
The chamber chief added: “They also cite interest from overseas in Sunderland and a boost to tourism. According to the latest figures, the Premier League contributes £10 billion to the UK economy and around 60 per cent of that is outside London. Suddenly, Coventry and Warwickshire will be part of that and it will bring jobs and increased spending to the area.
"Also, you have to factor in the confidence boost it will give to the local region – from its people to its businesses. If you speak to people locally, they’ll tell you that productivity increased when Coventry City lifted the FA Cup in 1987.
"it is not just Coventry that is set to benefit, Warwickshire will also feel the impact of the Sky Blues' success.
“Winning promotion and then being back in the Premier League would be on a par with that!
"It’s very close to being confirmed now and it’s clear that there is a big prize for the whole region in reaching the Premier League.
"And you have to say hats off to Doug King, Frank Lampard and everyone at the football club for such an incredible effort this season."
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