British 2012 medal hopes protected - Sports sign up to new fund-raising drive in return for extra public funding
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2 December 2008
A new funding deal to guarantee 2012 Olympic and Paralympic medal success was set out today by Culture Secretary Andy Burnham.
A total of £550 million of public funds - £50 million more than previously announced - has been allocated to UK Sport to fund its elite programme.
In return, UK Sport has agreed to lead a new, wide-ranging private fundraising initiative to aim to secure a further £50 million, keeping the overall funding ambition of £600 million in place.
UK Sport will work with other sports partners and draw on the advice and expertise of the London 2012 Organising Committee (LOCOG).
Governing bodies of Olympic and Paralympic sports will be expected to play a full part in this national campaign.
The funding announced today puts in place an unprecedented package of support for elite sport as it prepares for the unique opportunity of a home Olympic Games.
It builds on the £265 million invested in elite sport for Beijing, where British athletes finished fourth in the Olympic medal table and second in the Paralympic medal table.
It will ensure that over £300 million of funding will support elite athletes in the run-up to 2012, with intensive investment guaranteed for our most likely medal successes.
Andy Burnham said:
“This is a good result for British Olympic and Paralympic sport, but one that is realistic in a tough economic climate.
“It represents a record investment in elite sport – more than the Beijing cycle - and keeps our medal ambitions for London 2012 in place.
“But I have made it clear that we have reached the very limit of public investment in Olympic sport. The challenge now is for all sports to pull together behind our Medal Hopes scheme to achieve our overall funding ambition. Today’s announcement puts that within our reach.
“I accept that raising private funds is challenging in the current economic conditions. But British business has a great track record of investing in sport. I urge them to rally round the British athletes as we prepare for this historic moment of our first home Olympics in generations.”
Allocations to individual sports will be made by UK Sport, but Ministers have asked that no sport be left adrift without funds. Development sports will be in line for additional funding as private investment comes on board.
The Government and the lottery has invested over £4 billion in sport in England since 1997.
Notes to Editors
- In March 2006, the Government announced a £600 million package for the remaining three years of the Beijing cycle and for the London cycle, comprising £200 million of Exchequer funding matched by £100 million of private sector investment, and supported by £300 million of Lottery investment.
- Around £200 million was to be spent over the final three years of the Beijing cycle and around £400 million over the London cycle.
- For further information call the Department for Culture, Media and Sport Press Office on 020 7211 6971 / 6931
Press Enquiries: 0207 211 6052/6277
Out of hours telephone pager no: 07699 751153
Public Enquiries: 0207 211 6200
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