A report from Sheffield Hallam University should give heart to those concerned about the spiralling costs of the 2012 Olympics, as Measuring Success 3 shows that sports events can generate revenues three times the size of the investment.

A study of six UK sporting events, held in the past two years, showed that £7.1m was generated from an initial outlay of £2.2m.

The events studied were the 2005 Bearing Point Rowing World Cup, the UEFA under 19 Football Championships, the UCI Women’s World Cup Cycling Grand Prix of Wales, the FEI European Eventing Championships, the VOLVO ISAF World Youth Sailing Championships and the 2006 World Rowing Champioships.

The research was commissioned by UK Sport, which backed the events as part of its lottery-funded World Class Events Programme.

“The report is welcome confirmation that as well as sporting factors, there are many other reasons why sport in this country should seek to host high profile World Class events," says UK Sport’s International Director, John Scott.

“The economic return is significant and welcome, but sports can also use the events as catalysts for change and development.”

Centre director of Sheffield Hallam’s Sport Industry Research Centre, Simon Shibli, pointed out there were other benefits of hosting sports events, including allowing communities a feelgood factor, giving volunteers experience and marketing for the location.

Accommodation, food and drink was the main category of expenditure. The World Rowing Championships generated almost £3.27m for the Berkshire and Buckinghamshire economy.