Business leaders are keen to downplay the significance of the announcement that Villa Park will not now be hosting games for the 2012 Olympics.

Their case is undermined slightly by the fact that Villa’s involvement in the Games has been hyped for so long as one of the ways Birmingham will benefit from the sporting festival.

But perhaps it is time to take a more realistic view of the Olympics, which, after all, are known as London 2012 and not UK 2012.

They will be held in the capital and the immediate financial benefits will come disproportionately to London. It could hardly be otherwise.

There may still be many specific opportunities for the West Midlands to play a role.

But the greatest benefits to our region are likely to be indirect, as a result of the exposure and investment that Britain in general, but London in particular, will receive.

This is not a criticism of the games, merely a plea for realism in assessing the benefits to the West Midlands.

Indeed, there is nothing inherently wrong with seeing money go in to London, as it is, with massive development work taking place around the Olympic Village, which includes both sporting venues and athletes’ housing.

This provides opportunities for the construction industry and suppliers across the country. In a world where globalisation is taken for granted, we should recognise that the economy of Birmingham and the surrounding region is closely tied to that of London. We shouldn’t assume that the capital’s gain is always our loss.

In other words, it may be sensible to accept that the 2012 games are the London games, but to see this as an opportunity rather than something to feel aggrieved about.

Meanwhile, there are signs that Birmingham may have the opportunity to play a more direct role in the 2018 World Cup, or, if England fails in its bid to host the games, in other international competitions.

If Villa manages to pull this off, it may mean far more for the city and the club than hosting Olympic football.

In any case, other local clubs could be in the running to take over Villa’s role as an Olympic venue.

Birmingham should set out to make the most of the opportunities offered by the 2012 games, but there really is life beyond the Olympics.