Last year’s Open Championship in St Andrews was worth £100 million to Scotland, it has been revealed.
The figure smashed previous expectations, which had pegged the event’s value at £80 million.
The R&A said the 150th anniversary championship had left a “powerful legacy,” while EventScotland officials described its impact as “wonderful.”
First Minister Alex Salmond insisted the figures were “fantastic.”
Researchers from the Sport Industry Research Centre (SIRC) at Sheffield Hallam University had forecast the event would benefit Scotland to the tune of £80 million. However, the final figures have left that estimation looking positively timid.
An independent research study, commissioned jointly by The R&A and EventScotland, calculated that much of the benefit was down to global television coverage which presented Scotland as the “the home of golf.”
Research found much of the economic impact was focused on St Andrews and the Fife Council area, with £40.1 million of the income entering the local economy directly attributable to The Open.
R&A chief executive Peter Dawson said, “The Open Championship averages six appearances in Scotland in a 10-year cycle and we are delighted that the only major championship staged outside the United States delivers such a powerful legacy to the country,” he said.
Paul Bush, chief operating officer for EventScotland, said, “The Open in 2010 was a spectacle for everyone who attended and the figures show the undisputed benefit to Scotland of regularly hosting one of the most prestigious sporting events in the world.”
The 2010 study was based on 3000 interviews, including players, spectators, sponsors, event staff, organisers and the media. The financial figures are particularly exceptional as they seem to fly in the face of global recession.
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Mr Salmond said, “Scotland is the home of golf, so it is no surprise our sporting prowess, stunning scenery, first class tourism credentials and reputation as a world-leading event destination have made last year’s Open such a success.
“As we journey toward Homecoming 2014 (when Scotland will host the Ryder Cup) the Scottish Government and our partners will continue to work together to produce the next generation of golfers, introduce record numbers of young people to the game and also promote Scotland as the world’s greatest golfing nation.”
Mike Cantlay, chairman of Event Scotland and VisitScotland, added, “The Open Championship is the perfect example of what Scotland does very well-stage world-class events that draw visitors from around the globe.
“Every golf fan wants to be at St Andrews when The Open is played, and every time it is, it delivers impressive economic results for Scotland. Today’s announcement highlights once again why Scotland is the home of golf.”
The leader of Fife Council, Peter Grant, was similarly pleased.
“As the worldwide home of golf, Fife was proud to host the Open’s 150th anniversary last July,” he said. “The Open is one of the most prestigious sporting events in the world and we are delighted with the study’s figures which confirm the great economic benefit the tournament brings to Scotland and Fife.”
Meanwhile, a memorandum of understanding was signed on Tuesday in a bid to maximise the benefit of future championships. The memorandum has been signed by R&A Championships Limited, the local authorities in Fife, Angus, East Lothian and South Ayrshire, EventScotland and VisitScotland.
Its purpose is to establish consistent arrangements for joint-working between the partners, toward the future delivery of The Open Championship in Scotland.
The collective work of all parties involved will aim to ensure Scotland continues to successfully host the contest on a regular basis-and that the opportunities and impacts associated with the global event are maximised across the country.