Do we need an economic impact study or a cost-benefit analysis of a sports event?

In this paper, we try to show, using a simple numerical example of a fictive international sports event, that there is a fundamental difference between what is generally called an economic impact study of a sports event and a cost-benefit analysis. The difference is important because an economic impact study does not yield any argument for the government to subsidize the event. Only a cost-benefit analysis can provide the necessary information.