By Paul Nicholson
February 21 – Speaking at an international finance conference in the Cayman Islands, CONCACAF President Jeff Webb emphasised the economic benefits sports can bring to a country and encouraged greater investment in sports as a tool for growth and social change. He made it clear that economic opportunity and social responsibility can, and should, work together comfortably, and that success would be achieved through leadership rather than following.
Addressing over 400 business people at the Cayman Economic Outlook conference, Webb’s theme, titled The Transformational Power of Sports, encouraged the business leaders present to invest in youth and provide greater opportunities for future generations.
“Investment in sports has the power to improve a nation through social, economic and cultural growth,” said Webb.
“Sports can give Cayman and other Caribbean nations a unique advantage in the global race for economic success while helping steer young people away from the lure of crime and violence and towards more constructive ways to fulfil their potential.”
Webb pointed to the success of the two CONCACAF tournaments, the Boy’s Under 15 and Women’s Under 20 tournaments, and the CONCACAF Sports Summit, as examples of how football can have a positive impact on a country.
“Over 45,000 people attended the 2 tournaments, delivering unprecedented ad value in electronic and social media in excess of $10 million. This does not include any other economics benefits associated with the events…”
“With the Under 20 women’s final airing live on FOX, it provided Cayman with an exceptional promotional opportunity. On the last day of the tournament, we had 17 million impressions on Twitter,” said Webb.
Webb pointed out that with a GDP of $2.5 billion, Cayman only invests $5 million in sports and recreation per year. “However, Government has invested almost CI$50 million in Police and Prison services annually – ten times our investment in youth and sports,” he said.
On a worldwide scale Webb pointed to the economic opportunity within sports and PWC’s global sports revenue projection of £145.3 billion in 2015. He also highlighted the growing econonomic power and importance of leading events like CONCACAF’s marquee Gold Cup which had its most successful tournament ever in 2014, and the FIFA World Cup itself which in 2010 generated $3.6 billion of revenue and is the most viewed sporting event in the world. He also highlighted the $2 billion FIFA has invested in development worldwide ($260 million in the CONCACAF region).
Webb emphasised that the value of football is not just in the revenues it can generate, saying there are positive effects money cannot buy. “But it takes greater participation from the community, and the right partnerships, for the sustainable development of sports. Investment in football is investment in human capital,” he added.
Speaking directly to Caymanians, but with a message that transfers across his region, he said: “As a country, we need to invest in our people – our most valuable assets. This means financing organizations and projects that will encourage more participation in sports and create opportunities to excel.
“With our status as one of the leading global financial services centers, we still have much to do to bring sports to meet global best practices.
“Governments should be eager to invest in sports, which will help steer young people away from the lure of crime and violence, and towards more constructive ways to fulfil their potential. But we need other partners as well. The private sector must do their part and invest in youth, to transform communities.”
Sticking to his theme of football providing greater opportunities for future generations and the development of society, he concluded: “We can learn. We can follow. Or, we can lead.”
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