South coast economy set for windfall should Land Rover BAR win America’s Cup

VICTORY in the America’s Cup by Sir Ben Ainslie could generate as much as £140m for the south coast economy.

A study by the University of Chichester has revealed the potential economic impact of the sailor winning the competition on Portsmouth and south east Hampshire.

The report assessed the monetary value of Ainslie’s Land Rover BAR team finishing first and returning the event to their base at the south coast city.

The research was undertaken by principal lecturer Dr Andrew Clegg, who specialises in tourism management at the University of Chichester’s Business School.

He said: “The £140m figure is a conservative total as the actual impact will depend on how effectively the public and private sectors come together to deliver the returning event.

“Trying to establish the value of an event of this magnitude is always problematic due to the number of variables that would influence the overall economic impact.

“Any impact must also mitigate against any potential displacement of economic activity that would take place in Portsmouth anyway.”

Challengers of the 35th America’s Cup, which is the world’s oldest international sporting competition, set sail from last Saturday (May 27).

The research report by the University of Chichester forecasts the economic impact of hosting the returning victory event will generate at least £24m for the south coast economy.

It also estimates that more than £50m will be spent by Land Rover BAR should the team stay in Portsmouth for the minimum two-year tenancy.

The additional ten racing teams, who would reside in the city for six months, would likely pay out more than £5m each.

The report also predicts £12m will be spent by super yacht teams, based on figures from the 2007 contest in Valencia, while £6m may be generated by a possible lead-up event.

Dr Clegg added: “The total value could be £140m but would likely exceed that figure.

“There is also the impact of placing Portsmouth and the wider Solent region on the world map during the event and the influence of this on place-promotion and marketing.”