The hosting of major sporting events is becoming a global growth market, but UK national governing bodies of sport are thinking twice about bidding due to the financial risks attached to the process.

A report by the Sport and Recreation Alliance (SRA) shows that 67 per cent of the UK's NGBs see the risk of investing into the - often costly - bidding process as the main obstacle to launching a bid.

Bidding for major events has become increasingly competitive, as hosting an event is often seen as providing three benefits; a financial boost for organisers, increasing a sport's profile and improving facility infrastructure.

For the report, SRA anonymously asked the chairs and chief execs of the biggest sport governing bodies in the UK about their experiences of bidding for major events.

Half of all respondents also said that the government - both at central and local level - was not doing enough to support bids.

Andy Reed, SRA chair, said: "Our research has shown that the financial risk of holding major events is holding some governing bodies back.

"Major events is a global growth market that is out there for the taking - greater local authority support as well as the government putting their proposed Major Events Bill into action would really help the UK to exploit the big opportunities that are out there more."