Stadium expansion and increased fan spending: the ‘Falcao effect’ on the Bogota economy

The arrival of the goalscorer Radamel Falcao Garcia The transfer of Millonarios to the club will have an impact of 52 billion pesos (about US$ 13 million) on the economy of Bogotá, the capital of Colombia, in the second half of 2024, according to figures released this Tuesday by local authorities.

The Secretary of Economic Development of Bogotá, María del Pilar López, assured that “‘The Falcao Effect’ will have an additional impact on the economy of 52 billion (0.02% of GDP) in the second half of 2024”, a period for which the 38-year-old attacker signed a contract with the capital club.

“According to the calculations of the Ministry of Development, the economic value of the consumption activities of Millonarios fans in 2024-2 will be approximately 160,000 million pesos (about US$ 40 million) (0.07% of Bogotá’s GDP).”, added López on his X account.

The official also pointed out that the value that the ‘Falcao Effect’ would have on the Bogota economy represents 8.7% of the investment that will be made in the city for the El Campín stadium expansion project.

Last June, the Mayor’s Office signed the public-private partnership (PPP) with which the new El Campín Cultural and Sports Complex will be developed, for which the Colombian capital will receive an investment of more than 2.4 billion pesos (about US$ 602 million).

On the other hand, ‘El Tigre’ will be presented as a new Millonarios player this Tuesday before some 35,000 people who should fill the stands at the Campín.

The Colombian national team’s all-time top scorer was announced last month and since then Millonarios fans have been flocking to the club’s and Adidas stores to personalise their shirts with the name ‘El Tigre’.

Falcao returns to his country 24 years after making his debut, at just 13 years of age, in the Lanceros of the Second Division, and will fulfill his dream of playing for the team.ambassador”, the team of his dreams, after a successful international career.

The striker had successful spells at clubs such as River Plate, Porto, Atlético de Madrid, Monaco, Manchester United, Chelsea, Galatasaray and Rayo Vallecano, before joining Millonarios.