Olympics rakes in £50million for Coventry economy

Coventry benefited from the Olympics to the tune of £50million, according to a new council report. (s)

OLYMPIC events in Coventry brought in £50million for the local economy, it has been claimed.

The figure is ten times the amount Coventry City Council spent sprucing up the city before the start of the Games.

Bosses said the city was "in a better position" now than before the Games and a feel-good factor had been generated.

However, only a third of the 170,000 people who watched football at the Ricoh Arena said their perception of the area had improved. Two thirds of locals surveyed said they felt pride in the city as a result of the Olympics.

A council group is set to be formed to establish an Olympic legacy for Coventry, with bosses examining a report looking into the Games on Friday.

Officers who penned the report concluded: "Whether the feel good factor generated by co-hosting the Olympics is sustained or not, the city is now in a better position than it was before the Olympics, having a purpose built events area, a pool of volunteers and an enhanced track record in hosting major events."

Other positives highlighted include the 42,000 people who saw the Olympic torch as it travelled through the city and into War Memorial Park back in July.

Bosses estimated the visit to bring in £214,000 alone.

And the army of volunteers, branded Games' ambassadors, contributed 14,000 hours work for free during the event - worth around £160,000.

Dozens of city businesses won Olympic contracts including Exhall-based Premier Sheet Metal, which manufactured the iconic Olympic Torch.

The council added talks were ongoing to see if the Olympic rings on the Rowleys Green roundabout, next to the stadium, can be reinstalled.

They had been taken down under International Olympic Committee copyright laws.

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