Government to plug Olympic funding gap with new sponsor scheme

by James Quilter, Brand Republic 26-Feb-09, 15:10

LONDON - The government is looking to increase private sponsorship of Team GB to make up a £79m shortfall in its own funding promises to athletes.

Culture secretary Andy Burnham has launched an initiative titled Team 2012 offering sponsorship packages covering both the Olympic and Paralympic teams to local, regional and national businesses.

However sponsors joining the scheme, which runs across the Olympic and Paralympic teams, will not be able to use either the Olympic rings or the 2012 logo.

Burnham said it could involve naming rights to Olympic venues after the event has ended.

UK Sport, the central body which awards funding to sports and athletes, was promised £600m, with £100m of this coming from private sponsors. Some of the shortfall will come from lottery funding as well as the Team 2012 plan.

Earlier this year UK Sport announced that eight sports would only get between a quarter and a half of the money they received to train for the Beijing games.