Team GB received a huge boost when the government committed to funding the rescheduled Olympic Games in Tokyo
Team GB received a huge boost as the government committed to funding the rescheduled Tokyo Olympics as the current deal ends before the Games
- Money UK Sport is being given for Olympic sports will run out in March 2021
- But the government has assured them that they will receive financial support
- Sports Minister Nigel Huddleston said it would ‘help realize medal potential’
- UK Sport can also spend £ 7.4 million on the lottery funding underwriting
Team GB’s medal hopes in Tokyo have strengthened following the government’s commitment to provide money for next year’s rescheduled Olympics.
The money that UK Sport receives from the Olympic sports scholarship would run out in March 2021 – four months before the Games now take place.
And UK Sports CEO Sally Munday strongly warned that it would be “catastrophic” for their chances in Tokyo if they were unable to raise £ 53.4 million in exceptional funding.
UK Sport has received guarantees on funding for next year’s Olympics in Tokyo as a boost to Team GB’s medal hop and people like Dina Asher-Smith
Current funding will expire in March next year before the Olympics begin
But the government has now secured UK Sport their financial support – although the exact amount they will hand over will not be determined until the autumn revision.
Munday said, “This confirmation of support for Olympic and Paralympic sports up to and including the rescheduled Tokyo Games is hugely important as it allows national governing bodies to commit to their revised plans for the Games next summer.”
Sport Minister Nigel Huddleston added, “I am very happy to give UK Sport certainty and give athletes the opportunity to compete, realize their medal potential and shine when the Tokyo Games take place in 2021.”
It is hoped that the commitment to funding will help Team GB secure medals
UK Sport is also allowed to spend £ 7.4 million – the underwriting of their lottery funding – to help the individual sports hardest hit by the corona virus crisis.
Sport will be encouraged to apply for the newly started continuity fund if they are ‘at immediate risk of bankruptcy’.
Munday added, “Through this fund, we will be able to make additional investments to support those organizations in dire need – and enable continuity in these challenging times.”