World Snooker could be worth up to £208m to Sheffield over the next 25 years, new figures from the city council have shown.
The council says signing a deal with World Snooker Ltd, the exclusive rights holder for the championship, will require up to £89m of investment in the city, including the £45m refurbishment and expansion of host venue the Crucible Theatre.
The figures were issued as the authority published a contract award notice, the first formal step in the procurement process required to enter into the long-term agreement with World Snooker Ltd.
The Crucible – the home of snooker since 1977 – is set to have 500 extra seats in a revamp to create a 1,500-seat theatre in the round.
The structure of that £45m funding package was agreed at a round table hosted by then Prime Minister Keir Starmer on a visit to Sheffield in March.
Last week, the city council approved the next stage of design work and preparation of a full business case for the project. It also said it was working on a funding strategy following confirmation “there is a credible route to a fully funded scheme.”
Money is due from South Yorkshire Mayoral Combined Authority and government and “private, philanthropic and strategic funding,” the city council said.
The World Snooker Championship acurrently contributes around £6.5m each year to the Sheffield economy through visitor spending, hotel stays, hospitality and wider business activity. Its economic impact is expected to increase significantly as part of the proposals to modernise and expand the Crucible Theatre, creating a venue capable of welcoming more visitors and generating greater returns for the city all year round – World Snooker lasts 17 days each spring and the venue largely hosts theatre for the rest of the time.
Coun Fran Belbin, leader of Sheffield City Council, said expanding the Crucible would help secure its future as one of the city’s most important culture venues.
She added: “The figures published today demonstrate why securing the long-term future of the Championship matters.
“This is an investment that will deliver substantial economic returns for Sheffield, helping to support jobs, tourism, hospitality and our city centre for many years to come.”
She added that Sheffield is home to more than 2,000 cultural and creative businesses, providing around 9,000 jobs and generating almost £1bn of economic impact annually.
