On Tuesday, Australia pulled out from hosting the 2026 Commonwealth Games after the projected costs ballooned from $1.8 billion to more than $4 billion, becoming “well and truly too much” for host state Victoria to bear, Premier Daniel Andrews said in a press conference. “I will not take money out of hospitals and schools in order to fund an event that is three times the cost estimated and budgeted for last year,” he added. Experts say the decision has once again rekindled a debate over whether the Commonwealth Games are still relevant on the global sporting stage today, and more than that, if the outsized costs of hosting global sporting tournaments is worth the trouble. [time-brightcove not-tgx=”true”] “When you include all of the costs and the total amount of revenue you bring in, it’s not a very good financial balance,” Andrew Zimbalist, a professor of economics at Smith College who has consulted on the sports industry, tells TIME.
Comment on Why More Countries Should Back Out of Hosting Global Sporting Events
Astha Rajvanshi and Armani Syed, Time: World
Tue, 07/18/2023 - 9:32am
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