Fresh Injection from Public Funds Boosts UK’s Olympic Bid
Monday, December 8, 2008 5:36
Following a ￡29 million last-minute injection from public funds, Britain’s Olympic team will still target fourth place in the London 2012 medals table.
The move by the government reduces the shortfall of funding from ￡79 million to ￡50 million for athletes in the run-up to the 2012 Olympics. According to the announcement by funding body UK sport, this amount of money means no potential medals in London will be jeopardised and that all sports will get some money. However, several sports, those with no medal prospects in 2012, will still face significant cuts.
It’s admitted that the changed economic circumstance had been a factor influencing the amount of funding offered to the 2012 Olympic Game which would be hold in UK. The government said that they’ve reached the limit of what they can give from public funds.
Analysts said that the public contribution is now topped up by private sector contributions and there is no lack of appetite out there for companies to get involved and support budding young sports people. It’s hoped that more sponsors from private sector would still come forwards.
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