BusinessCompany NewsManchester games hit target

Manchester games hit target

The FD of the Manchester Commonwealth games has revealed the event will beat revenue targets.

Link: Read about the FD for the games

Although he would not put a figure on it, David Leather, finance director and deputy chief executive, told Accountancy Age: ‘We are going to beat our revenue targets.’

Pre-games projections put the figure for revenue to be generated at £130.6m, with £51m coming from commercial income and £79.6m from public sector funding.

Leather attributed the success to ticket sales, mainly from ‘walk-up purchases’. TV coverage showed packed crowds at almost all venues, especially at the 38,000-seater City of Manchester Stadium during athletics and rugby sevens competitions.

But Leather said all monies from sponsorship and television rights were already collected and it was now just a case of chasing up licensing and merchandising revenue. ‘Where there were problems during the games, our contingency plans worked out well, he added. ‘Our biggest worry was transport congestion, which actually went superbly. Our park-and-ride strategy was very successful.’

Prior to the tournament beginning, a number of newspapers had cast doubts over its financial success, with some predicting a disaster on the scale of the ill-fated Millennium Dome.

Construction is already underway to transform the £110m City of Manchester Stadium into the 48,000-seater home of Manchester City Football Club under a lease arrangement.

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