Sport has long ceased to be just a hobby, and its economic significance continues to grow. This final paper explores the relationship between sports and the economy by analyzing its contribution to gross domestic product, job creation and the promotion of economic diversification. For developing countries, sports can also serve as a tool for branding and enhancing their global image. The increasingly popular concept of "sportswashing", the use of sports to change reputation and divert attention from controversial policies, is a burning topic in the world of sports. The media often confuse the terms sportswashing and soft power, the latter representing a country's ability to influence global opinion through culture, values and diplomacy. This paper also explains the difference between these concepts, illustrated with examples from selected Middle Eastern countries. Major sporting events like the FIFA World Cup, the Olympic Games and the Formula 1 Grand Prix glamorously showcase the magnitude that sport has reached. Large investments and massive attendance contribute to economic growth and the international visibility of the host country for such events. All of this comes at a cost, often exceeding nine-digit figures. The paper raises the question of whether hosting large sporting events is profitable for the host country, and in search of an answer, the cases of the Olympic Games and the Formula 1 Grand Prix were examined. Economics is a science that deals with numbers, but in this case, factors that cannot be quantitatively measured play a role such as influence, power and deception.