Tuesday 3 May 2016 10:28 am

Leicester City: What will the economic impact from winning the Premier League be on the town itself?

Leicester's business community could grow at twice the rate of the national average on the back of their football team's incredible Premier League triumph.

Analysis from previous against-the-odds football triumphs suggests that the town of Leicester could be in for its own economic boon to match the one on the way to its football club.

Ranked 5,000/1 outsiders at the beginning of the season, Leicester City won the unlikeliest of Premier League titles last night following Spurs' slip-up at Chelsea.

Read more: Leicester City's owner will be able to sell club for more than 10 times what he paid for it if Foxes win the Premier League

According to analysis from business data website Company Check, reviewed by Sheffield Hallam University's Sports Industry Research Centre, Leicester can brace itself for a massive growth in the number of local businesses.

Between 2010 – 2014 the number of new businesses in Leicester grew by an average of three per cent per year, well below the UK's seven per cent yearly growth, Company Check found in an analysis of full-year accounts from all UK postcodes.

Yet following the team's Premier League triumph, Leicester could anticipate a rise in local businesses double the national average similar to that experienced by Bournemouth who benefited from a 15 per cent, 11 per cent and 10 per cent growth after a period of success between 2011 and 2013.

"Tourism is an important sector in the region currently worth £1.57bn," said City Centre Director for Leicester City Council Sarah Harrison.

"We've seen growth in international and national visitors since the discovery of the remains of King Richard III and now that Leicester City has qualified for the Champions League, we'll see many more visitors from Europe."

Read more: Who is Leicester's Thai owner? The money behind the Foxes' rise

"Most of the global television coverage is about the sport, not the city, but nonetheless there is huge value in the 'place marketing' effect resulting from Premier League being televised," added the head of Sheffield Hallam University's Sports Industry Research Centre Simon Shibli.

"Leicester has achieved great things and all coverage will be positive. For England's 11th biggest city that's some achievement. From a business point of view, Leicester City Council needs to turn sporting success into business and human interest stories that promote economic growth.

"For this to be successful they must align their messages with corporate objectives."

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