This chapter examines the societal and economic value of elite sports, as well as the expectations often associated with them. Elite sports are attributed with representational functions abroad and the ability to generate collective emotions, such as pride and joy. They are also considered role models for the population, especially children and young people. However, empirical findings show that these effects do not occur automatically and are often limited in scope, duration, and population reach. The positive effects on image depend strongly on fairness, integrity, and how success is achieved rather than on medals alone. Trickle-down effects on sports participation are rather rare, short-lived, and require supportive measures to materialize. While elite sports can generate strong collective emotions with measurable economic value, these effects are often temporary and concentrated among groups already interested in sports. Overall, this chapter emphasizes that the value of elite sports is context-dependent. It requires realistic expectations, targeted policy design, and further empirical research to justify public funding in a sustainable, evidence-based manner.