WHEN Baddiel and Skinner sang out the words that captured the imagination of the nation with “football’s coming home”, little did they know that this Thursday, that may well become reality.

England, along with 19 other countries from around the world, will nervously hold its breath as it waits to hear whether it has been selected to host the biggest footballing event in the world, the Fifa World Cup.

It has been a thorough and long-winded process, taking nearly two years to complete, but when the announcement is made on December 2, it will have been worth the wait for the nations that win through to become the hosts.

Worldwide, sports tourism is estimated to be worth £384bn a year – a lucrative industry indeed. And the South African government estimates that the 2010 Fifa World Cup has added one percentage point to South Africa’s economic growth for 2010-11, taking into account spending on stadiums and infrastructure. While the true economic benefits of hosting the World Cup are difficult to measure, what is clear is that for the countries that are named this week, there are real opportunities.

The World Cup is watched by fans the world over, keen to get a glimpse of the “beautiful game” at its most spectacular.

From the day of the announcement through to the final football match, the eyes of the world will fall upon the host nation. And with two North-East football clubs included in the FA’s official bid, this corner of the country has the opportunity to benefit greatly should England be named as a host nation.

It is estimated that staging games in Sunderland and NewcastleGateshead could bring tens of millions of pounds to the North-East and leave a lasting legacy for decades to come. The tourism industry is already estimated to be worth about £4bn to the North-East, so the opportunity to boost this by hosting a truly international event is mouth-watering.

As well as the immediate benefits of hosting a competition like this, the legacy of it is very exciting. Both Sunderland and NewcastleGateshead have outlined a desire to develop a programme of initiatives and community-led programmes that will ensure the World Cup benefits the area for generations to come. In promoting football, it is believed that sport could flourish and jobs could be created, delivering real long-term benefits for the North-East.

Our local press has been so supportive of this bid, let’s hope the national press has not adversely affected our chances.

Whatever the economic benefits of hosting the World Cup, there will no doubt be hundreds of thousands of people eagerly awaiting Thursday’s decision, whether that be with a business interest or a personal one.

James Ramsbotham, North-East Chamber of Commerce chief executive