Ekaterina V. Sokolova, Academic Director of the master's program “the Management and Development of Urban Agglomerations” at the Graduate School of Management of St. Petersburg University, is talking about the city as a business project on the Sobaka.ru portal.
The European football championship was supposed to start on June 12 in St. Petersburg, but it, like all other major events in the world, was canceled due to the coronavirus pandemic. The question naturally arises concerning the payback on huge investments in infrastructure development in preparation for such events. The cancellation of sporting events in a pandemic is not an issue if such infrastructure facilities are well-considered investments with long term positive impact on the city’s economy and business climate. According to E.V. Sokolova, without mega-events, the implementation of such large-scale projects would most likely be impossible. And it is precisely this chance for development that is becoming one of the main incentives for cities competing for the right to host them.
“The transfer of the European Football Championship, which was supposed to take place in St. Petersburg this year has, on the one hand, meant a huge profit loss. On the other hand, the infrastructure for holding such mega events has now been created, and if it has been done correctly, then in the long term its use will have a positive effect on the development of the city. The potential benefits of mega-events under normal circumstances will still bring beneficial results regardless of the date of the competition of the planned facilities, ” said GSOM professor.
Read the full version of the article on Sobaka.ru portal>>. (available in Russian)