No the Project Manager does not need to notify a compensation event if they believe it will/should have no effect on the Prices or Completion Date.
The Project Manager I suggest should give an instruction to state that they are to make sure there is no affect to the sporting event, and it will be down to the Contractor to notify if they believe this to be a compensation event that will affect either Prices or Completion Date.
The Project Manager I suggest should give an instruction to state that they are to make sure there is no affect to the sporting event, and it will be down to the Contractor to notify if they believe this to be a compensation event that will affect either Prices or Completion Date.