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.
Similar Stories to Why More Countries Should Back Out Of Hosting Global Sporting Events on Bing News
Astha Rajvanshi and Armani Syed, Time: World
Tue, 07/18/2023 - 9:32am
Topics: victoria premier daniel andrews ldquo;i experts ldquo;when andrew zimbalist smith college olympic qatar world cup victor matheson i ll steve georgakis sydney questions tom daley australian cate campbell usain bolt durban south africa birmingham england australia commonwealth games a time oxford university the commonwealth british empire british georgakis hosting global sporting events costs politicians years tournament sports cost billion infrastructure outsized nation including billions ldquo;there potential decision estimated rights bid economics financial exceeded professor tells don keeping part second-tier
BING NEWS:
- Cristiano Ronaldo Celebrates Portugal's Co-Hosting of the 2030 World Cup as the Most Special Tournament Yet
Cristiano Ronaldo celebrates Portugals co-hosting of the 2030 World Cup, calling it the most special tournament yet with six nations involved.
12/11/2024 - 5:04 pm | View Link - 2034 World Cup: Why Saudi Arabia is hosting, explained
With news that Saudi Arabia is going to host the 2034 FIFA World Cup, will we have another winter tournament? How will human rights be managed as it builds brand-new stadiums?
12/11/2024 - 3:53 am | View Link - The Show Must Go On: Defending Large-Scale Sporting Events From Cyber Disruption
To get ahead of challenges, security teams must shift their mindset from reactive to proactive, with a greater focus on cyber resilience. Cyber threats are inevitable, and security teams must ensure ...
12/3/2024 - 11:30 pm | View Link - Beyond the Ring: A Global Community from NXT UK to WWE India
Explore WWE's journey from local promotion to a global sports entertainment powerhouse, highlighting its impact and fanbase across North America, Latin America, Europe, Asia-Pacific, the Middle East, ...
12/3/2024 - 4:28 am | View Link - Sport Minister: Saudi Arabia Attracts 2.5 Million Tourists to 80 Global Sporting Events
Saudi Minister of Sport Prince Abdulaziz bin Turki bin Faisal praised on Wednesday the Saudi leadership's support for the sports sector, which has driven its growth and elevated its global recognition ...
11/27/2024 - 3:43 am | View Link - More
Welcome to Wopular
Wopular is an
online newspaper rack,
giving you a summary view of the top headlines from the top news sites.
Senh Duong (Founder)
Wopular,
MWB,
RottenTomatoes
MoviesWithButter : Our Sister Site
- "Expendables 4" Starts Shooting This Fall, Says Randy Couture at the Arnold Sports Festival more
- “Expendables 4” Gets Funding Interest from “Ip Man 3” Financier more
- "Ip Man 3" Distributor Suspected of Box Office Fraud, Parent Company Loses $200M in Market Cap more
- Yen Targets "Ip Man 4" for 2018 Release; Discusses Film with Director, Producer more
- "Ip Man 3" Shatters Expectations with $72M Opening [China Box Office] more