With the release of the EY study that shows how Leicester City's title last season had a major impact on the local economy, Mark Gregory, EY's chief economist, explains its meaning to the community.
Mes que un club?
"Mes que un club" adorns the seats in Camp Nou. This phrase is hugely symbolic and is a recognition of the huge significance FC Barcelona has in the hearts and minds of Catalonia.
All of this comes together at least twice a year in El Clasico, a match even more charged than my beloved Stoke City v Port Vale!
Readers of my blog will know I am a huge admirer of Leicester City's achievements in the 2015/16 season. (Doubly sweet because of the pleasure I take in seeing Robert Huth do well - he was an absolute star in his time at Stoke City).
I wonder if it is stretching it to compare Leicester City to FC Barcelona...
Definitely more than just a football team...
Viewing Leicester City's success last season as a one-off event fails to reflect both the journey the club has been on and the scale of their broader contribution to their city and region.
In the 2008/9 season, the club generated revenue of £11million in League 1. By 2013/14, in the Championship this had risen to £31 million.
Winning the Premier League saw revenues rise to £128million and this season with UEFA Champions' League football and the new television deal, the club could generate £170million to £200million. Almost a 20-fold increase in turnover in eight years!
The club deserve a great deal of credit for their all-round contribution. Their success boosted the local economy by over £140million in Gross Value Added, supported over 2,500 jobs and generated over £78million in tax revenues in the last year, according to a new study conducted by the Sports' Economics team at EY for the Premier League.
…a major source of economic activity…
Our report assessed the direct and indirect economic contribution of the club to the Leicestershire region. We estimate that during Leicester City's 2015/16 title-winning season, around 120,000 visitors traveled to Leicestershire to watch the club play.
Visiting fans spent over £6.5million on local travel, accommodation, retail and food and drink, stimulating additional economic activity and supporting over 380 jobs. the impact was felt beyond the walls of the King Power Stadium.
…and a social contribution as well…
The economic contribution of the club was also boosted by its investment in its local community through two charitable foundations; the Leicester City's Football in the Community Trust and Leicester City Foxes Foundation.
In 2015/16, the Trust spent around £580,000 on local community programmes impacting the lives of over 6,600 participants and once again reaching beyond the world on a Saturday afternoon.
After the title win was confirmed the club's' owner, Vichai Srivaddhanaprabha announced a £2million donation to the Leicester Hospitals Charity to support their plan to build a children's hospital.
Chief executive Susan Wheeler said: "It's very important for every fortunate thing that happens to you in your life, you must give back. That's really integral to everything we do."
…all demonstrating the strength of the Premier League's "cycle of growth"…
The sporting and commercial success of Leicester in 2015/16 and the projected growth in 2016/17 has allowed it to further embed itself as a key participant in the local economy.
As the club grow they attract more fans, employ more people, engage more local suppliers, invest more in community facilities, increase the region's global profile and elevate its attractiveness to visitors and businesses alike.
This approach is at the core of the Premier League's "cycle of growth". Generating revenues to support investment in the match day experience, quality of the competition and facilities.
This in turn drives further revenues and allows clubs to maximise their contribution on and off the field.
...and on to Europe and beyond...
As the club enjoy their first season in the UEFA Champions League, their economic contribution is also expected to increase.
Our study says that additional stadium revenue of up to £4million, based upon six additional home matches and prize money of between £29m and £96m, depending upon the club's performance, is up for grabs.
European fixtures are also expected to attract up to 10,000 additional international tourists, contributing up to £8.4million to the region.
Imagine if we are once again underestimating Leicester City and then march on through the Champions League, then these numbers would be significant underestimates. Never say never.
…as a force for good...
Following its recent success, Leicester City are now considering a significant investment programme which could see the club move to new training facilities in or near Leicester and expand the existing King Power Stadium site.
Leicester's success has provided an additional platform for growth for the club and can be expected to attract investment into the region.
It is clear that with the expected uplift in activity as a result of winning the Premier League and from the additional investments in their stadium and training facilities the Club is likely to contribute significantly more to the regional economy going forward.
This really is a win-win scenario.
...that should not be ignored.
FC Barcelona are probably the most extreme case of club and community being linked inextricably together but the experience of Leicester City shows how football can be a force for good.
Not every city can have a Premier league team, never mind the winners, but every town can look to maximise the contribution of its local sports' teams.
Football clearly has the ability to cross boundaries and deliver economic and social benefit in a unique way.