UK Sport has launched its Gold Event Series (GES), a campaign which will see £27m being invested in bringing more than 70 international sporting events to the UK by 2018.

More than half (36) of the events will be World or European championships and it is estimated that the competitions will generate up to £287m worth of extra income for the economies of host cities and regions across the UK.

GES will be funded by National Lottery money and the government will work in partnership with UK Sport to support national governing bodies through the process of hosting games.

UK Sport will also work closely with national and regional partners, including the Home Country Sports Councils, EventScotland and the Welsh government.

The hosting of major sporting events plays a central role in the coalition government's long-term sporting strategy, using the catalyst of London 2012 to attract prestigious events that deliver a range of sporting and economic benefits for the UK.

Minister for Sport, Hugh Robertson, said: "One of the most important sports legacies of London 2012 is our ability to attract major events in the future - which boost the economy, increase tourism and encourage participation.

"We already have a fantastic eight years of great sport events planned and I want to attract more events in the years ahead."

Through GES, UK Sport aims to engage 2.5 million spectators with world-class sport at venues across the UK, providing an ongoing platform to inspire the British public towards participation.

In preparation for London 2012, UK Sport helped stage 118 major sporting events in the UK, a programme recognised by the IOC as an example for other host nations to follow.

Simon Morton, director of Major Events and International Relations at UK Sport, said: "The success of the London 2012 Games, both in preparation and execution, has put the UK's global competitiveness in bidding for sporting events at an all-time high.

"UK Sport has been working on an ambitious hosting strategy beyond London 2012 to capitalise on this position for some time now, with the aim of establishing the UK as a world-leading host of major international sporting events."

The first event of the Gold Event Series takes place this weekend as the UCI Track Cycling World Cup comes to the Sir Chris Hoy Velodrome in Glasgow (16-18 November). This will be the first major international event to take place in the Glasgow 2014 Commonwealth Games venue, which opened last month.