Race is on for Olympic cash

Oct 30 2007 by Adrian Pearson, The Journal

OLYMPIC planners yesterday warned the North-East will be in competition with other regions in the race to benefit from the 2012 London games.

London Olympic organisers say they are determined to ensure the impact of the games is felt across the UK, but have admitted that some benefits will be hotly contested – with some European cities even looking to cash in.

Top of the list will be the ability to host training camps for different competing nations, which is thought to be one of the most successful ways for regions outside the capital to benefit.

When the Olympics were held in Australia, Queensland’s economy is thought to have benefited by more than $40m Australian dollars from hosting other nations.

A number of North councils, including North Tyneside, Sunderland and Durham County, have already revealed plans to try to lure training camps to the region. Yesterday Rob Young, Olympic co-ordinator for the North-West, told the Northern Regeneration Conference in Manchester that work had to start now if a region wanted to succeed.

He said: “Inevitably there will be areas we will be competing with for resources and that is especially true when it comes to training camps.

“These are major events that can bring real financial gain to a region. The challenge in terms of training camps also comes from the international competition. Anywhere within two hours of London is a potential host and, yes, that does mean some places in Europe are closer than some UK regions.”

Mr Young said many other benefits for the regions were planned with each area awarded its own representative at the Olympic committees.

However, he admitted that the Olympics would not directly create jobs outside of London. “There may be particular opportunities in, say, established sports industries and the creative sectors will benefit but overall we will not be seeing large numbers of jobs for each individual region.”