Leicester City’s unlikely title win delivers £140m for local economy

Leicester+City'>Leicester City’s remarkable Premier League title win has resulted in stellar growth for the local economy, with £140m (US$173.3m, €163.2m) added to the local coffers over the course of the 2015/16 season.

According to a study by Ernst & Young, 120,000 visitors were attracted to the East Midlands city and surroundings to watch Leicester City matches.

Visiting fans contributed more than £6.5m (US$8m, €7.6m) to the local travel networks, accommodation, retail and food and drink, while the 2,500 jobs supported by the influx helped generate £78m (US$96.5m, €91m) in tax revenues.

And the growth is set to continue as a consequence of the club’s solid first showing in the UEFA Champions League.

Leicester City qualified for the second round of the tournament last night (23 November). EY estimated that 10,000 additional international visitors are coming to the area to watch European matches, contributing an additional £4m (US$5m, €4.7m) in stadium revenue and £8.4m (US$10.4m, €9.8m) to the region.

The added revenue for the football club has filtered down into the local community, with the Leicester City Football in the Community Trust spending £580,000 (US$717,789, €676,318 on projects benefitting 6,600 local people.

Around £2m (US$2.5m, €2.3m) was also donated to the Leicester Hospital Charity.

“The sporting and commercial success of the club in 2015/16 and the projected growth in 2016/17 has allowed it to further embed itself as a key participant in the local economy,” said EY chief economist Mark Gregory.

“As the club grows it attracts more fans, employs more people, engages more local suppliers, invests more in community facilities, increases the region’s global profile and elevates its attractiveness to visitors and businesses alike.”