The Liverpool Culture Company (LCC), which was established to develop a programme of events to coincide with the city's status as European Capital Culture for 2008, has published its final report.

According to the 36-page report, LCC invested more than £122m over a four-year period to ensure the success of Liverpool '08, which generated £800m and attracted 3.5 million new visitors, while also creating a lasting cultural legacy for the city. The report has also said that the city's status as European Capital of Culture has led to a further £200m being invested in the development of cultural infrastructure, including the new Museum of Liverpool Life and a new Design Academy at John Moore University.

Bryan Gray, LCC chair, said: "The figures speak for themselves but what we can't express in a report is the sense of coming together that 08 generated. This is a remarkable achievement and everyone involved deserves a huge amount of praise. A new unit - Culture Liverpool - has been created by Liverpool City Council in order to develop new cultural activities and events, while also committing a further £8.45m arts budget to maintain Capital of Culture funding levels for two more years.

Council leader Warren Bradley said: "Liverpool has come a long way over the past decade and taken a huge boost of confidence from hosting of the European Capital of Culture 2008. We have fantastic foundations to build on for the next 10-20 years and are now recognised internationally as a shining example of how to regenerate a city." The success of Liverpool's status as European Capital of Culture has also led to the government launching a new nationwide City of Culture contest starting in 2013.