Businessmen and investors may soon be making an international money transfer to London as the city has claimed the gold prize in supporting its sports.
London & Partners, the Mayor of London's official promotional agency, accepted the Gold Sports City Award on behind of the capital at the International Sports Event management Awards.
Boasting a audience that featured representatives of leading brand names, acclaimed sports agencies and celebrities, the event at the Wyndham Grand Chelsea Harbour concluded the 6th Annual Sports Event Management Conference.
This is the first time that London has taken home the gold award, having claimed second place last year.
The capital outpaced rival sporting destinations such as Melbourne at silver and Dubai at Bronze.
"It's been six years since the city won the right to stage the 2012 Olympic and Paralympic Games," commented Iain Edmondson, head of major events with London & Partners.
"Since then we've been working hard to make sure we don't let the opportunities presented by the Games pass us by. This award is recognition of London's status as a global leader in sport and major events. In London we are serious about investing in the future, and not just for 2012.'
According to the group, London has transformed itself over the past decade to become recognised globally as a leading city for major sports events.
Tourists will soon be flocking to catch the Olympic Games, followed by the 2013 UEFA Champions League Final, the 2013 ITU World Championship Series Triathlon Grand Final and the 2015 Canoe Slalom World Championships.