Sheffield is set for a £10m windfall from hosting the Tour de France says a new report on the cycle race’s economic impact.
Money spent on hotels, food, drinks and transport in the city during Stage Two of the Grand Départ in July was estimated to reach between £5 million and £10m.
However,as the figure for the whole of Yorkshire has been confirmed as an estimate-breaking £102.3 million, Sheffield Council chiefs believe the initial figure for the city will also be surpassed.
It means the financial benefit could outweigh the cost by up to four times.
Simon Green, from the council, said: “From Bradfield and all the way through the city centre, everybody had a share of the economic boost, rather than it being concentrated, as with a football match.
“What I think it showed is Sheffield can host world-class events.”
Coun Julie Dore, council leader, said: “The Tour de France showed off Yorkshire, and Sheffield in particular, at its best.”
In total the cost of the Sheffield part of the event totalled £2.8m – which was £800,000 over budget due to higher costs in making the course safe and other staging costs such as stewarding.
The council’s contribution almost doubled from £900,000, to £1.7m.
The authority said the extra cost was found from within existing budgets and had no impact on services.
Coun Isobel Bowler, cabinet member for culture, said: “It just couldn’t have been predicted really – we are not out of step with other authorities.”
A separate report is expected to detail the final Sheffield figures.
However, it has been confirmed 300,000 people lined the 22 miles of the route within the city boundaries.
Sheffield was showcased to more than four million TV viewers – making it the most watched Grand Départ ever.
This, and the ‘priceless’ amount of media coverage nationally it secured, are said to have helped put the city on the map for other major events.
Next year, Sheffield will host two large outdoors conferences, which chose Yorkshire becauseof the Tour, before hosting the Special Olympics in 2017.