So it seems, fairytales can come true - on the football field at least. The most unlike of underdogs that the whole country (outside of Tottenham) was rooting for have achieved the 'impossible dream' and become champions of English football.
All eyes might be on Leicester FC right now, but the question on the lips of the city's business community is; what could this mean for the region's economy over the next few years?
Does sporting success translate into business growth?
That was the question I set out to answer through a recent research project in which we compared some of the UK's most recent against the odds sporting achievements with the performance of the local economy the following years.
I looked at the total number of businesses trading in other UK regions before and after unexpected sporting achievements, taking full-year accounts for all UK postcodes for the years 2010-2014. The results make good reading for the city of Leicester. According to our analysis, the city's business community could grow at almost twice the national rate next year.
Take Bournemouth for example. The football team there was promoted twice within five years between 2010 and 2015, rising up from League Two to the Premier League where they've stayed since. Business numbers there increased by 15% in 2011 alone, a year after the first promotion. That's compared to the UK as a whole which grew by 9%. The following two years, numbers grew by 11% and then 10%, above the national average of 6%.
Then there's Swansea, another famous footballing 'minnow' which rose to the upper echelons of the Premier League in 2011, where it remains. Separate research carried out two years after showed that football success there added £58m to the local economy.
Now neither of these examples matches Leicester, whose achievement this year is without precedent in Premier League history. That makes the task of correctly predicting the economic impact it will have on the city a tricky one. However, what is clear is that footballing wins are often followed by a regional business boom - good news for fans leads to good news for firms.
And, judging by its recent economic figures, Leicester needs the boost. Between 2010 and 2014, business numbers grew by 3% a year on average, well below the UK average. Between 2013 and 14, numbers actually fell by 12%.
Potential for growth is one thing, but turning that into reality is another thing entirely, as Professor Simon Shibli, head of Sheffield Hallam University's Sports Industry Research Centre and reviewer of our research, told me.
'Sporting success can be a catalyst for business growth, but it's by no means guaranteed. The economic impact of football is an interesting one. On one hand, it's only 19 home games in a season and the economic impact of visiting fans tends to be cancelled out on away matches. 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 the Premier League being televised in around 200 countries.
'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,' said Shibli.
I put this challenge to the Sarah Harrison, City Centre Director for Leicester City Council. She told me the city needs to find 'new ways to encourage visitors to stay for longer' to keep the region's £1.57bn tourism sector going strong.
As for the region's SMEs, however, the challenge facing them is not all that different to the one facing Leicester's star players; is this year just a flash in the pan or can it be the foundations for long-term success?
All eyes might be on Leicester FC right now, but the question on the lips of the city's business community is; what could this mean for the region's economy over the next few years?
Does sporting success translate into business growth?
That was the question I set out to answer through a recent research project in which we compared some of the UK's most recent against the odds sporting achievements with the performance of the local economy the following years.
I looked at the total number of businesses trading in other UK regions before and after unexpected sporting achievements, taking full-year accounts for all UK postcodes for the years 2010-2014. The results make good reading for the city of Leicester. According to our analysis, the city's business community could grow at almost twice the national rate next year.
Take Bournemouth for example. The football team there was promoted twice within five years between 2010 and 2015, rising up from League Two to the Premier League where they've stayed since. Business numbers there increased by 15% in 2011 alone, a year after the first promotion. That's compared to the UK as a whole which grew by 9%. The following two years, numbers grew by 11% and then 10%, above the national average of 6%.
Then there's Swansea, another famous footballing 'minnow' which rose to the upper echelons of the Premier League in 2011, where it remains. Separate research carried out two years after showed that football success there added £58m to the local economy.
Now neither of these examples matches Leicester, whose achievement this year is without precedent in Premier League history. That makes the task of correctly predicting the economic impact it will have on the city a tricky one. However, what is clear is that footballing wins are often followed by a regional business boom - good news for fans leads to good news for firms.
And, judging by its recent economic figures, Leicester needs the boost. Between 2010 and 2014, business numbers grew by 3% a year on average, well below the UK average. Between 2013 and 14, numbers actually fell by 12%.
Potential for growth is one thing, but turning that into reality is another thing entirely, as Professor Simon Shibli, head of Sheffield Hallam University's Sports Industry Research Centre and reviewer of our research, told me.
'Sporting success can be a catalyst for business growth, but it's by no means guaranteed. The economic impact of football is an interesting one. On one hand, it's only 19 home games in a season and the economic impact of visiting fans tends to be cancelled out on away matches. 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 the Premier League being televised in around 200 countries.
'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,' said Shibli.
I put this challenge to the Sarah Harrison, City Centre Director for Leicester City Council. She told me the city needs to find 'new ways to encourage visitors to stay for longer' to keep the region's £1.57bn tourism sector going strong.
As for the region's SMEs, however, the challenge facing them is not all that different to the one facing Leicester's star players; is this year just a flash in the pan or can it be the foundations for long-term success?
