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£30m boost: just what Reading needs
Reading FC are champions of the Championship and have gained promotion to the much-prized and much-publicised Premier League – known worldwide as the pinnacle of British football
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Businesses in the Thames Valley should all be celebrating the achievement of ‘The Royals’ because it is set to give them promotion too – through increased local economic activity. And that can’t be a bad thing after the town of Reading failed to gain the boost of city status earlier this year.
The commercial value of the ‘feel-good factor’ connected with major publicised success is difficult to assess, but Thames Valley accountants and business advisers James Cowper believe the Premier League place could be worth a staggering £90 million to the club and up to £30m for the town.
That £30m figure was the estimate of business leaders in Blackpool and Swansea after their teams gained Premier League status in 2010 and 2011. Reading, of course, is arguably better placed to exploit the benefits of promotion.
While ‘The Royals’ will have learned valuable lessons from their previous promotion in 2006, the Thames Valley is more vibrant, affluent and geographically better located to generate local business opportunities from increased visiting fan numbers and international exposure.
As jubilant Royals-owner Sir John Madejski was reported saying after Reading FC secured promotion: “Getting in the Premier League is far more important than city status. This will resonate all around the world. This is big, and will make the town a different place. It bodes well for the whole town, surrounding areas, for business and commerce – everything.”
James Cowper partner Nick Rogers and Reading FC fan agrees: “Following the disappointment of losing out on achieving city status, promotion to the Premier League will give an enormous lift to the region – and that is something that just cannot be bought or have a value placed upon it.”
Tim Smith, executive director of Reading UK CIC highlighted the marketing boost: “Playing in the Premier League puts Reading’s name front and centre as a brand all around the world; it creates a surge of civic pride and, perhaps most importantly, it reinforces the perception of Reading as a place to be taken seriously. We all know we look, feel and act like a city – the Financial Times fDi magazine has recognized it. Our team playing in the top flight gets that message across loud and clear, across the globe.”
THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2012 Whitley Stimpson ad 92x133mm 'In good times' Owen Kyffin
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31/01/2012 18:20
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