“This is an investment that will deliver substantial economic returns for Sheffield for many years to come.”

World Snooker could be worth up to £208m to Sheffield over the next 25 years, new calculations show.

The city council says signing a deal with World Snooker Ltd will see £45m spent expanding the Crucible and could see £44m of investment within the city, on top of £6.5m-a-year of visitor spending and wider business activity which the event currently brings.

Coun Fran Belbin, leader of Sheffield City Council, said expanding the Crucible would deliver over £200m boost for Sheffield economy. | scc/IM

placeholder image — Coun Fran Belbin, leader of Sheffield City Council, said expanding the Crucible would deliver over £200m boost for Sheffield economy. | scc/IM

The figures were issued as the authority published a contract award notice, a formal step towards a long-term agreement with World Snooker Ltd.

The Crucible - the home of snooker since 1977 - is set to have 500 extra seats in a revamp to create a 1,500-seat theatre in the round.

The structure of the £45m funding package was agreed at a round table hosted by the Prime Minister on a visit to Sheffield in March.

Earlier this week the city council approved the next stage of design work and preparation of a full business case for the project.

Refurbishments to the Crucible Theatre, Sheffield would include a new balcony terrace that replaces the first-floor 'glass box' Adelphi Room. Image: Allies and Morrison Architects

It also said it was working on a funding strategy following confirmation ‘there is a credible route to a fully funded scheme’.

Money is due from South Yorkshire Mayoral Combined Authority and government and ‘private, philanthropic and strategic funding’, the council says.

Coun Fran Belbin, leader of Sheffield City Council, said expanding the Crucible would help secure its future as one of the “city’s most important culture venues.”

World Snooker lasts 17 days each spring and the venue hosts plays for the rest of the time.

She added: “The figures published today demonstrate why securing the long-term future of the Championship matters.

“This is an investment that will deliver substantial economic returns for Sheffield, helping to support jobs, tourism, hospitality and our city centre for many years to come.”

Sheffield is home to more than 2,000 cultural and creative businesses, providing around 9,000 jobs and generating almost £1bn of economic impact annually, she added.