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Big Event Financial Management - Essay Example

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This essay raises the question of whether the financial benefit outweighs the associated cost of hosting major global sporting events. The paper looks at the costs of construction, gain predictions, errors associated managing such events and other…
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Big Event Financial Management
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Download file to see previous pages With every FIFA football world cup event, host countries are required to have a minimum of eight highly accredited stadiums and two standby stadiums in case something happens to one or any of the eight reserved for the event. In the recently held FIFA world cup in Brazil, the nation was required to construct new additional stadiums to supplement the already existing fields. Similarly, the Olympic Games have become an extremely costly venture to undertake, especially for the host cities because of the infrastructural improvements that have to be done. Some of the improvements that have to be undertaken include the road networks, communication networks and accommodation facilities within the host cities. Because of the amount of work and funds needed to be invested to successfully host the Olympic events, organizers for the event in the past selected developed nations such as England and Italy and the United States. Out of the possible twenty-seven Summer Olympic Games held since its inception, Mexico and Brazil are the only developing economies to have hosted the event outside Europe, the United States and developed nations of Asia. Cities such as Seoul and Barcelona used the event to overhaul their urban infrastructure completely. Such was the opportunity that organizers for the event in the two cities were looking out for, to create long lasting positive economic effects that would surely pay off the costs of laying out the infrastructure in the long run. ...Download file to see next pagesRead More
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