Sheffield’s economy could shrink by £4.5m every year if the World Snooker Championships leave the city, according to a city council report.

Matchroom Sport has said the event will go elsewhere after 2027 unless the Crucible is significantly revamped or replaced.

The World Snooker Championships is one of the biggest events on Sheffield’s calendar, boosting the local economy by over £100m in the last 40 years.

DGM Lewis Elliot, the assistant manager of the Head of Steam Sheffield, said “The world championships are like a second Christmas for us as a business.

“We’ve had people come from France, Ireland and Germany to come and spend their money with us. If the world championships were to relocate in 2027, it would make it very tough for us to perform on the same capacity.”

Matchroom Sport, currently valued at over £1bn, controls the vast majority of modern day professional snooker, being responsible for gaining sponsorship and promoting the game globally.

Barry Hearn, the founder and president of Matchroom Sport, says the Crucible theatre’s small capacity of 980 limits the amount of tickets that could be sold, therefore limiting the amount of prize money that can be offered to the players.

Sheffield City Council agrees that the World Snooker Championships are of paramount importance to economic growth within the city.

Following Barry Hearn’s suggestion that the World Championships may leave Sheffield after 2027, a spokesperson for the council said: “The economic impact of the event is highly significant.

“Those who visit spend money in our local shops, venues, on taxis, in restaurants and so much more.”

The event currently brings in over 40,000 people each year to the Crucible Theatre, on Norfolk Street.

New homes for the Championships have been proposed in London and the UAE, which could revamp the sport financially. Also, the World Championships could be relocating to China, where the sport has experienced exponential growth over previous decades.

Studies from Sheffield Hallam Sports Industry Research Center have shown that spectators who travel to Sheffield for the championships spend £1.8m in the city on accommodation, food and drink, shopping, local travel and other entertainment.