British Olympic team sponsorship set to boost cash-strapped sports

By Gerard Meagher, Sportsbeat

EIGHT sports that saw their budgets slashed by UK Sport could benefit from a new Olympic sponsorship deal announced today.

SUPPORTERS: Olympic sponsor Visa - which will back 'Team 2012' - was a supporter of last year's Handover Party on The Mall (Getty Images)

The British Olympic Association will this morning reveal Visa as the major backer for ‘Team 2012' following months of wrangling with athletes' agents over image rights.

UK Sport was forced to cut £50 million from their 2012 budget last year and it's hoped the new sponsorship will a small way towards plugging that gap, with industry experts valuing the deal between £6m and £10m.

Water polo, shooting, handball, volleyball, weightlifting, fencing and table tennis all saw their funding slashed from between 50 and 75 per-cent.

"Team 2012 will help ensure that as Olympians and Paralympians head toward London, they are properly resourced to do the job and make Britain proud," said Lord Coe, chairman of London 2012 organisers Locog.

"Visa's support is vital and complements the crucial funding from the National Lottery and Government."

There was initial resistance to the Team 2012 concept from many leading Olympic athletes - with the agents of big-name stars Sir Chris Hoy, Christine Ohuruogu and Rebecca Adlington claiming it would restrict their clients earning power.

However, UK Sport have reached a compromise agreement that will mean no fewer than four athletes from a minimum of three sports will be used in images to promote Visa's Team 2012 sponsorship, while no one athlete will be given prominence.