The need for funding
15 Dec 2009 10:00
In December 2008, UK Sport invested £304 million of exchequer and National Lottery funds in 28 Olympic and 19 Paralympic sports and disciplines. Although this investment was at record levels, there was a £50 million private sector shortfall when compared with the original planned budget agreed in 2006. UK Sport therefore joined forces with BOA, BPA and LOCOG, to create Team 2012 as a new fundraising vehicle for the World Class Performance Programme through to 2012.
Team 2012 was launched on September 29th with the aim to allow the whole nation to get behind the UK’s hopefuls aiming for a place in Team GB or ParalympicsGB at London 2012 and beyond. Since the launch Team 2012 had an unprecedented level of support and encouragement, particularly from its presenting partner, Visa, and the 20 Ambassadors, who have each agreed to help raise funds through their own network of contacts, which has been crucial to the success of Team 2012.
Team 2012’s target is to raise as much money as possible through commercial and fundraising activity, which will then be made available to support performance ambitions for 2012 through UK Sport’s World Class Performance Programme, and through the BOA and BPA’s performance services.
The money made available to UK Sport will go directly to helping make sure that alongside the substantial and vital support of the National Lottery and Government, athletes have the best possible support leading up to the London 2012 Games and beyond.
Deciding where UK Sport will spend the money is a thorough process. The first decision based on Team 2012 income has taken place this week at the UK Sport Board Meeting and all funding decisions were made on merit and taken in line with the UK Sport ‘no compromise’ strategy. UK Sport looks at a lot of factors based around an assessment of each sports current performance and future potential to win medals.
There should be no doubt that the money raised by Team 2012 will have a direct impact on the preparation of British athletes who will be representing Team GB and ParalympicsGB at London 2012 and future Olympic Games. UK Sport will make sure that money is spent in the right areas, where it is most needed and can have the most impact and in doing that, will give Team GB and ParalympicsGB the best possible chance of achieving the aim of a top four finish in the Olympics and second in the Paralympics in London.