Benefits to the Uk of Hosting the Olympic Games in 2012

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The 6th of July marked a very important achievement for the city of London. The IOC (International Olympic Committee) awarded the city of London the right to stage the 2012 summer Olympics after fighting off fierce competition (Adam, 2005). The bid for the games has always had loud political undertones that were obvious during the bidding process. Some of the arguments raised included the benefits and negative effects hosting the games could bring. This paper examines the economic benefits and costs of hosting the Olympics. The net benefits are found to be positive and large relative to the investment in the bidding process.
Hosting the 2012 Olympics will be a massive economic boost for the United Kingdom. Currently, the funding of the
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The ODA is funded by the Department for Culture, Media and Sport, the Greater London Authority (£925 million), the London Development Agency (£470 million), and the Olympic Lottery Distributor (£2.2billion).
The funding from the various public sectors above contributes towards the construction of the venues and infrastructure in the Olympic park. For example, facilities are being built at Weymouth and Portland, Broxbourne and Eton Dorney and also the legacy that will follow after the games. (London 2012, 2005)

The hosting and staging of the Olympic games in London would result in a drastic change in the physical activities of the nation, contributing to the government 's wants in order to modify participation in sports and physical activities. Hosting the Olympic Games in London can add to the governments’ wider social and health agenda. It is also believed that it will contribute to the extremely ambitious target of 70percent of the population attempting 5x30 minutes of moderate activity per week by 2020 as outlined in the Game Plan (DCMS/Strategy Unit, 2002)

Another economic benefit of the London 2012 Olympics is the aspect of sport tourism. According to Weed and Bull (2004), the notion behind sport tourism is “........ As derived from the unique interaction of activity people and place” This tells us about the tourism potential of the London 2012 Olympic Games. It is believed that sport is an important tourism phenomenon (Collins and
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