Why do the events that truly change lives, foster inclusion, and rebuild divided communities struggle hardest to survive? From the Edinburgh Festival Fringe to Derry’s City of Culture, cultural festivals have delivered powerful legacies—driving regeneration, strengthening social bonds, and projecting national values globally. Yet, while these festivals scramble for basic funding, governments continue to pour billions into mega sporting events with questionable long-term benefits. In this powerful critique, Shona McCarthy, former CEO of the Edinburgh Festival Fringe Society, challenges outdated event funding models. She calls for new success metrics, equitable investment, and cultural participation embedded in social policy. If policymakers are serious about real, people-centred legacy, the solution is clear: sustained investment in culture, creativity, and communities—not just concrete, stadiums, and fleeting spectacle.