World Student Games: £658m debts from legendary Sheffield event to be cleared

Debts from the World Student Games in Sheffield - which ballooned to £658m - will finally be paid off next month.

Sheffield City Council says the outstanding amount will be cleared in March, 33 years after the legendary event.

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Loans were taken out to build venues including the Don Valley Stadium, Ponds Forge International Sports Centre and Sheffield Arena. There was also money for non sporting sites including the Lyceum theatre.

The debt has been refinanced four times, and the council says the final cost will be £658m. In 2011 it revealed it was making repayments at £25m-a-year.

Council leader Tom Hunt said clearing the debt would be a "big milestone" and free up money to invest in leisure facilities.

He told the BBC: "This was an investment in the city's future made by the city to make sure we had world class leisure and entertainment facilities.

"Thousands of people on a weekly basis are still enjoying those facilities.

"We're now looking to the future to think about how we can ensure we continue to have modern, accessible leisure facilities that mean we can compete on the national and international stage."

He said the authority planned to rebuild some of the city's "more tired facilities" such as the Springs Leisure Centre and Hillsborough Leisure Centre.