The public funding, which includes contingency, will be split approximately 75% / 25% between investment from central government (£594 million) and Birmingham City Council and a number of its key partners (£184 million).
This investment will deliver significant benefits for Birmingham, the West Midlands and the UK long after the 11 days of sport in 2022 are over. Birmingham 2022 will open up a wealth of opportunities, including business and trade, cultural engagement, volunteering, physical activity, jobs and skills, education and tourism. Over one million tickets will be made available for spectators from across the UK and around the world.
Additional commercial revenue will be raised by the Birmingham 2022 Organising Committee and Commonwealth Games Federation Partnerships through ticket sales, sponsorship, merchandising and the sale of broadcast rights.
Regular financial updates on the budget will be provided in the lead up to the Games. The Birmingham 2022 Organising Committee will also lay its accounts before Parliament in the usual manner for government arm’s length bodies.
Birmingham was awarded the rights to host the Games in December 2017. This announcement comes following a detailed budget review that took place after Birmingham was awarded host city rights.
Cllr Ian Ward, Leader of Birmingham City Council, said: “The level of investment coming into the city and the wider West Midlands as a result of our decision to successfully bid for the right to host the Commonwealth Games, is huge.
“The Games are undoubtedly a catalyst, bringing forward many regeneration and infrastructure schemes, so they are delivered much quicker than we could have done so otherwise.
“The event also gives us a golden opportunity to reposition the city and region on a global stage and bring citizens together. The announcement of the budget is a time to reflect upon this and thank all of the partner organisations that have joined forces to put resources into the local contribution to the overall Games budget.”
Ian Reid, Chief Executive Officer for Birmingham 2022, said: “The £778 million of public funding confirmed today not only covers our costs for delivering the Games but a portion of this money will be invested in a couple of our key venues, covering some of the costs relating to the redevelopment of the Alexander Stadium and the building of the brand new Sandwell Aquatics Centre.
“These projects and others, which will receive additional and accelerated funding because of the Games, will benefit the city and the region long after our closing ceremony on 7 August 2022.
“We are working closely with our partners, especially the Commonwealth Games Federation, to ensure that wherever possible we are reducing the cost of staging a Commonwealth Games and we’re committed to delivering this event on budget. We’ll provide regular financial updates over the next three years, so that our progress can be tracked.
“Having our budget confirmed is a key milestone for us and we can now look forward to delivering a fantastic Games for the people of Birmingham, the West Midlands and the country.”
To ensure that local companies start to capitalise on the opportunities that the Birmingham 2022 Commonwealth Games present, briefings for hundreds of businesses have already taken place and more are planned in the run-up to the Games.