The assessment of sport events plays an important role in sport economics research, especially in regions which host, or apply for hosting, such events. This kind of assessment can contribute to justify the legitimacy of public subsidies. Sport events bring about several positive and negative effects. The tangible economic value of sport events can be measured by, such as, economic impact analysis. However, cultural, psychological and political impacts of sport events are hard to be measured in monetary terms. The aim of this paper is therefore to demonstrate how Contingent valuation method (CVM) can contribute to quantify those intangible benefits, and in turn, calculate the total economic value of a sport event. CVM can not only investigate people's willingness to pay for hosting an event, but also clarify the determinants of their willingness to pay. As such, the adoption of CVM will help decision makers to conduct a more holistic feasibility analysis of sport events.