New private sector fundraising partnership for elite sport unveiled
022/09
25 February 2009
A groundbreaking new partnership to secure long-term private sector funding for Britain’s Olympic and Paralympic hopefuls was announced today by Culture Secretary Andy Burnham.
The London Organising Committee of the Olympic Games and Paralympic Games (LOCOG), the British Olympic Association (BOA), British Paralympic Association (BPA) and UK Sport have today signed a formal heads of agreement to pool their collective Olympic and Paralympic rights to help raise additional funds for elite sport in the run up to London 2012 and beyond.
The move builds on the ‘Medal Hopes’ scheme with an enhanced package of rights for sale as an official LOCOG sponsorship programme.
The private sector funding stream will be in addition to the record amount of public sector investment of £550 million for the final three years of the Beijing Olympic cycle and the four years of the London Olympic cycle through to 2013.
The funding model for elite athletes has been overhauled since the Atlanta Olympics in 1996, where there was virtually no public investment. In the Sydney and Athens Games, only Lottery money funded our athletes; in Beijing, that had stepped up to Lottery and Exchequer funding. Now, for London 2012 there will be a package of Lottery, Exchequer and private investment. Today’s agreement on the private sector aspect of this package will help deliver the commitment to elite athletes for the UK’s home Olympic and Paralympic Games in 2012.
Mr Burnham announced the ‘Team 2012’ scheme at a LOCOG partner event today.
The initiative will offer companies the chance to be associated with Olympic and Paralympic athletes and sports on UK Sport’s World Class Performance Programme. There will also be opportunities for regional and local companies, and individual patrons to get involved in supporting our athletes, through the scheme.
Mr Burnham said:
“I challenged our Olympic and Paralympic partners to come together and develop a strong and exciting proposition for business to support our medal prospects and I am very pleased that they have stepped up to the plate.
“This scheme builds on the work of the Medal Hopes initiative and will ensure that private investment gives additional financial muscle to our Olympic and Paralympic athletes to help their preparations for 2012 and beyond.
“We are already investing an unprecedented level of public funding - more than £300 million – over the next four years that will result in us fielding the strongest ever British teams at London 2012.
“But this private sector funding stream will boost our medal chances even further and leave a lasting legacy from the Games. We know times are tough for many businesses, but this is a huge opportunity to be associated with the success of our athletes and the excitement that has surrounded Olympic and Paralympic sport since last summer’s triumphs in Beijing – to give something and get something back in return.”
Notes to Editors
- For more information call Department for Culture, Media and Sport Press Office on 020 7211 6971
Press Enquiries: 020 7211 6052/6277
Out of hours telephone pager no: 07699 751153
Public Enquiries: 020 7211 6200
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