In terms of backing winners, the UK appears to lack the necessary enthusiasm for snooker.
In the recent wrap-up of the World Snooker Championship, the Crucible Theatre in Sheffield served as the venue for the past 48 years, but its future as host is up in the air as its contract with the World Snooker Tour nears its end. The WST is eying a bigger, more modern location, potentially in Saudi Arabia or China, to accommodate the sport's growing global market.
This shift comes as the global interest in snooker skyrockets, with China and the Middle East driving the grassroots movement and filling stadiums. The Crucible's capacity of under a thousand is comparatively diminutive and hasn't been altered since the 1960s. The prize money for the world champion, currently at £500,000, pales in comparison to modern sport standards.
Several sports have already migrated to locations with deeper pockets. Cricket's center of gravity has moved to India, with the Indian Premier League leading the pack. Saudi Arabia has become the epicenter for boxing, while a Saudi-backed alternative world golf tour began three years ago.
This exodus isn't limited to sports; tech companies like ARM, DeepMind, and Darktrace, which were once UK frontrunners, were acquired by international buyers. The UK now regrets letting these stars go as they play a crucial role in shaping industrial strategy and jumpstarting growth.
The UK should cherish its sporting success stories, given its historical and incumbency advantages. Football, tennis, and modern tennis, all originating from the 19th century in England, are among the top ten global sports. Football, despite representing less than 1% of the global population, leads the English Premier League by revenue. Tennis boasts decades-long revenue and popularity growth, with Wimbledon, the premier tennis tournament, raking in £400mn last year.
Snooker, an English Army officers' creation during the same era, exhibits equally strong growth rates in revenues and participation as it targets massive markets like China, the Middle East, and India. Losing grip on snooker at this juncture would be short-sighted, akin to prematurely selling ARM, a leg, or a DeepMind.
Local growth can only be achieved by investing in the UK's regions and nations. However, regional leaders have been handed more powers without more funds. In January, Chancellor Rachel Reeves' growth speech offered little to the regions or sport (apart from a new football stadium for Manchester United, primarily benefitting Londoners).
Regional sport, particularly, is an effective driver of local growth. Take Stratford in East London, home of the 2012 London Olympics. Its revitalization from dilapidation to gentrification came at a cost of £9.3bn in public funds, with a focus on legacy from the start.
Comparatively, Sheffield's investment per capita is significantly less than Manchester's and one-tenth that of Westminster's. The Crucible Theatre has received minimal investment. As a sport, snooker has never received a dime of public money, yet it could become as synonymous with Sheffield as steel was in the previous century with the right backing.
Investing in snooker in Sheffield would anchor it as the global hub, attracting private financing and wider growth benefits, similar to the impact Wimbledon and Stratford have seen. Furthermore, an investment in snooker's grassroots would create the talent pipeline essential for prolonging success. Contrastingly, China boasts 300,000 snooker clubs, while the UK only has a few hundred, yet the Chinese world champion, Zhao Xintong, trains in Sheffield.
Wimbledon and Sheffield could soon become the polar opposite centers of sport in England, each attracting distinct audiences. Catching, rather than selling, a rising sports star could drive local growth and boost the UK's international standing. In this century, Sheffield and snooker could become as synonymous as Sheffield and steel were in the last.
Industrial strategy isn't about picking winners; it's about sticking with them. For the UK economy, sport, snooker, and Sheffield are a winning combo and rising star. Investing in this team would deliver the holy grail of local growth to meet national objectives with a global ambition. In the words of England's finest 20th-century philosophers, Chas and Dave, it would be "snooker loopy" not to.
- The World Snooker Tour is considering relocating the World Snooker Championship from the Crucible Theatre, owing to its contract nearing an end and a desire for a more modern location.
- Sports like cricket, boxing, and golf have already moved to locations offering deeper financial resources, and snooker seems to be following suit, with an eye on growing markets in China, the Middle East, and India.
- In the realm of finance and investment, the UK is facing consequences for allowing tech companies and sporting success stories to be acquired by foreign entities, with regrets for the lost industrial strategic role and growth potential.
- Football, tennis, and snooker, all originating in England in the 19th century, are among the top global sports, generating significant revenue and popularity.
- Adequate investment in the UK's regions and nations, particularly in sports infrastructure, is crucial for driving local growth and creating a talent pipeline for continued success.
- In the politics of general news, it is being argued that investing in sports, such as snooker in Sheffield, would position the city as a global hub, attracting private financing, and boosting the UK's international standing.
- The future of Sheffield and snooker shares parallels with Sheffield's past steel industry, with the potential for them to become as synonymous in this century, as Sheffield and steel were in the last, if investments are made wisely, much like the wisdom conveyed by England's Chas and Dave, suggesting it would be "snooker loopy" not to.
