Beyond Direct Expenditure: Rethinking Event Evaluation through the UEFA Champions League Finals

This study contributes to research on event evaluation and leveraging through a case study of the 2017 UEFA Champions League Finals in Cardiff. It examines the challenges of evaluating events spanning multiple sites and days, while critically evaluating the limitations of the direct expenditure approach (DEA) - a method often required for the allocation of public funds to major events. The case highlights how academic best practices, such as computable general equilibrium and cost-benefit analysis, are frequently constrained by the priorities of event stakeholders. It argues that reliance on DEA alone risks producing narrow and incomplete assessments, overlooking broader outcomes of major sporting events. To address this, the study advocates for a more holistic approach that integrates DEA-derived key performance indicators with supplementary measures of audience experience and behaviour. Such integration can strengthen benchmarking, inform decision-making, and enhance portfolio development and leveraging strategies.