Athens Set for $35 Million Windfall
22/05/2007 |
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Athens, the biggest and richest of Greece’s cities, could receive a 26 million-euro ($35 million) windfall from hosting tomorrow’s Champions League final between Liverpool and AC Milan.
Hotels, bars, restaurants, transport providers and vendors at the 63,800-seat Olympic Stadium will be the largest beneficiaries from the influx of fans into the Greek capital, according to research commissioned by Champions League sponsor MasterCard Inc., the second-largest credit card company.
“The financial benefits of hosting the final are vast and, while only one night of the year, offer a lasting local economic legacy for Athens,” said John Stuart, senior vice-president of sponsorship for MasterCard Worldwide.
More than 50,000 English and Italian fans are expected to travel to Athens for the match, although only 35,000 of them have tickets, Greek police said last week.
Wednesday’s contest is a repeat of the 2005 final in Istanbul when Liverpool fought back from 3-0 down to draw 3-3 before winning on penalty kicks. The Reds are seeking their sixth European Cup title, which would tie Milan in second place on the all-time list behind record nine-time champion Real Madrid.
The winner will earn as much as 100 million euros in future revenue from broadcasters, sponsors and ticket sales, according to a separate MasterCard survey two days ago.
Athens hosted the summer Olympic Games in 2004. Staging Europe’s biggest club football final could help the city secure the right to host other international events in the future and entice visitors to return for holidays, researchers said.
In December, Athens’s debt rating was raised to A1, the fifth-highest of 10 investment grades, by Moody’s Investors Service, which said the city had a “rapidly growing economy characterized by wealth levels above the national average, albeit still below the EU average.”
(Source: Bloomberg.com)
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