It used to be that hosting any of the major sporting events, particularly the Olympic Gamesand the FIFA World Cup, would carry significant prestige. It was an honour that would help to shape the legacy of a country or city. It could be a powerful moment of national symbolism and economic transformation.
Why then, over the last few years, have many advanced Western economies decided not to bid for such major events, and in some cases, even withdrawn their proposals?
Hosting an internationally prominent sporting event invites the global spotlight, provides an injection of tourism money, and a chance for a city or a country to rebuild or develop infrastructure. However, it also brings an immense financial commitment and great risk.