Forget what you’ve heard, you actually cannot have too much of a good thing. Not if it’s this profitable, anyway. The City of Cape Town has received a billion-rand bonanza from hosting the Rugby Sevens in the last previous years, and officials have already taken steps to keep the tournament in the Mother City.
James Vos is the Mayoral Committee member for Economic Opportunities and Asset Management in Cape Town. James Vos told CapeTalk about the arising business achievement by hosting the Sevens, it estimated that over R750 million was pumped into Cape’s economy last weekend.
What is the estimated amount Cape Town has made From hosting the Rugby Sevens?Considering that around R500 million and R600 million were totalled in 2015 and 2016 respectively, it is vital that Vos’ office secure the rights to the all-important leg of fixtures for the foreseeable future. He confirmed to the radio station that they’re now seeking a three-year hosting contract from the Sevens’ organisers:
“Council’s approval grants the city authority to submit a bid for the tournament for the next three financial years, 2019 – 2022.”
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“We are excited about this because Cape Town and South Africa is a sports-mad nation, therefore, we believe with this bid we will bring the necessary investment and most importantly, allow us to secure a huge benefit for our City.”
Cape Town bids to keep Sevens for three more years
Projected earnings from hosting the tournament up to 2022 hover around the R3 billion mark. The two-day sporting extravaganza will continue to be held at Cape Town Stadium, should Vos and his team’s application prove successful.
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Almost two-thirds of spectators at the 2018 Cape Town Sevens were from outside of the Mother City. This lead to a significant boost for the tourism industry as well as local businesses dealing with an influx of visitors. It has also been estimated that almost one in four fans were from overseas.
In total, it costs the city around R2.5 million to properly prepare for the event – the price includes operational factors and an increased police presence. It’s a sum total that is peanuts, in comparison to the potential earnings.
