The article concentrates on the important aspect of image in a country’s political and economic objectives and deals with the role of sports in managing countries as brands. Analyzing the biggest sporting events in the world, such as the Olympic Games, football (soccer) championships and others, authors attempt to detect and display their economic and promotional potential for host cities and countries as well as for participating nations. Special focus is on global media, which are essential in "creating" the events, transferring images and communicating impressions of the host city/country to the global public. The authors conclude that the most important role is that of the organizers, whose creativity and capabilities will for the most part detemine the promotional and economic contribution of hosting such a sporting event. Activities prior to the main event and those following the event are also of great importance for the host country.