The 2022 Commonwealth Games in Birmingham will be the 海角视频's most expensive sporting festival since the London Olympic and Paralympic Games.
The Government has now confirmed that the sporting spectacle will cost £778 million, with £594 million coming from central coffers and £184 million from Birmingham City Council and its partners.
Previously, the budget of the games had been estimated at around £750 million but the Government has now confirmed the cost which includes contingency funding which may never be spent.
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Sports Minister Mims Davies described the games as an investment benefitting Birmingham, the West Midlands and the 海角视频 through job creation, trade opportunities and tourism.
The 2022 Games will take place between July 27 and August 7 with a revamped Alexander Stadium in Perry Barr, north of the city centre, acting as the fulcrum of the event.
It will be the biggest sporting and cultural event ever held in the city, featuring thousands of world-class athletes, over a million spectators and an estimated global TV audience of 1.5 billion.
The budget includes the £496 million development of 1,400 new homes at Perry Barr which will serve as an athletes' village and then be converted into housing once the games have finished.
Birmingham 2022 Commonwealth Games
Birmingham City Council leader Coun Ian Ward 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."
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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.
It was announced earlier this month that the Government had introduced a new bill aimed at protecting the rights of commercial partners sponsoring the games and stopping unauthorised advertising.
Regular financial updates on the budget will be provided in the lead up to the event while the Birmingham 2022 Organising Committee will also give regular updates to Parliament.
Ms Davies added: "Watched by one and a half billion people worldwide, this is a massive opportunity to showcase the best that Birmingham, the West Midlands and the whole 海角视频 has to offer.
"The games budget is a significant investment in Birmingham and the region that will deliver benefits to local people for years to come.
"It will increase participation and encourage more people to get active and stay active, and to volunteer to be part of this fantastic event 10 years on from London 2012."