Government to launch 'Medal Hopes' scheme - business invited to support UK athletes in the run up to 2012
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20 August 2008
The Government is to launch a national funding drive to support Britain’s elite athletes in the run-up to the 2012 Olympic and Paralympic Games.
The new 'Medal Hopes' scheme will give UK businesses national, regional and local opportunities to back Britain's athletes in European, Commonwealth and World competitions building up to 2012.
Speaking in Beijing, Culture Secretary Andy Burnham today invited businesses to get on board in the drive for gold medal success in London in four years time.
The Government is investing unprecedented amounts of public money – through the Lottery and from the Exchequer - in developing the talents of our elite athletes - £265 million in the run-up to Beijing and £400 million to take us through to 2013.
In 2006, Gordon Brown announced a £600 million funding package - consisting of £500 million of public money plus £100 million to be raised from private sponsorship.
New, higher than expected projected receipts from the new Lottery license are set to contribute to the pot, leaving around £79 million to be raised from the private sector.
Full details of the Government's plans to raise this remainder will be set out in the Autumn. The scheme will be branded 'Medal Hopes' and will be part of a programme of initiatives to allow companies of all sizes to have an association with their local UK athletes.
Medal Hopes will be a dedicated sponsorship scheme and an official way to support athletes on UK Sport's World Class Pathway and directly influence the country's chances of medal success. This will be an opportunity to be a key participant in supporting the athletes with potential to deliver medals in 2012 - building on the results Britain has achieved in Beijing.
Mr Burnham said:
"Following our successes in Beijing, we have great ambitions for our athletes in 2012, and are determined to make sure that investment is in place.
"Funding for our athletes in Athens was primarily Lottery money, in Beijing both Lottery and Exchequer. For London the package will be Lottery, Exchequer and business.
"We are working on the detail of our Medal Hopes sponsorship scheme, which we will launch in the Autumn. It will give businesses the chance to support our elite athletes in the run up to 2012."
While plans for the scheme are rolled out - and to give UK Sport planning certainty for this financial year - the Government has reprioritised existing Exchequer funding, which will be paid back from the money raised from the private sector. That means that UK Sport can begin post-Beijing planning with funding certainty for this year. The Government will continue to review progress with UK Sport as the fund-raising effort develops.
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