UK Sport has made the following announcement on 25th February 2009

UNIQUE NEW FUNDRAISING PARTNERSHIP FOR ELITE SPORT AS LOCOG, UK SPORT, BOA AND BPA JOIN FORCES

New sponsorship programme pools rights to help drive quest for medal success in 2012 and beyond

The raising of private-sector funds to support Olympic and Paralympic sport took a major step forward today with the announcement of a groundbreaking new partnership – Team 2012.  All the major organizations involved in supporting British elite sport have joined forces to pool their collective rights and align their fundraising ambitions through to London 2012 and beyond.

The new partnership is between the London Organising Committee of the Olympic Games and Paralympic Games, the British Olympic Association, British Paralympic Association and UK Sport. 

It offers sponsors access to a unique package of rights that brings together branding, access and events surrounding the Olympic Games and Paralympic Games with the opportunity to engage over the intervening years with athletes and sports on UK Sport’s World Class Performance Programme.

The concept was presented for the first time to official London 2012 worldwide partners and domestic sponsors today by Andy Burnham, Secretary for State for Culture Media and Sport. It was his challenge in December last year to all parties to develop a strong commercial proposition that would generate a third stream of private income, to sit alongside substantial exchequer and National Lottery funding, that has led to Team 2012 being formed.  

The programme will be offered as a unique sport activation scheme to London 2012’s sponsors. It will also involve other potential fundraising schemes, including a Small & Medium Enterprise programme and an opportunity for individual patrons to support Britain’s elite athletes. 

Money raised will be targeted primarily at UK Sport’s World Class Performance Programme, which currently supports elite athletes in 24 summer Olympic and 20 Paralympic sports, but there will also be money for an initial trial of the BOA’s elite  Olympic coaching programme.  

The aim is to provide a long-term legacy of private funding for elite sport in a co-ordinated fashion for all of the major organizations, with BOA/BPA leading on fundraising and UK Sport responsible for the strategic distribution of funds.

John Steele, Chief Executive of UK Sport, said:  “For UK Sport this represents an ideal long term solution.  It actively builds on and supersedes the significant work we have done already with Medal Hopes, providing us with an enhanced route to deliver those ambitions within the Olympic family.  It creates a clear commercial landscape with a long term legacy of fundraising.

“And it allows us to concentrate on our core role and what we believe we are here to deliver:  world class success of our athletes through targeted investment in the World Class Performance Programme.”

Paul Deighton, Chief Executive of London 2012, said:  “We have always believed that delivering a memorable Olympic and Paralympic Games in 2012 will need strong British performances.  LOCOG is committed to helping UK Sport, BOA and BPA maximize private sector funding for elite sport in this country and have been happy to lend our expertise in raising domestic sponsorship to this project.  The announcement offers a unique opportunity for London 2012 partners to contribute to the development of our athletes in their quest to reach their potential in 2012 and beyond.”

Andy Hunt, Chief Executive of the BOA, said:  “We welcome this exciting initiative as it is about elite British sport partnering with the private sector to make sure that Team GB is as well prepared as possible for London 2012 and beyond. Through Team 2012, the BOA and our partners aim to raise as much funding as possible for all Olympic sports and ensure the success of Team GB.”

Phil Lane, Chief Executive of the BPA – the organization that leads Paralympic sport in the UK - said:  “There is an attractive cohesion to this strategy which offers us the opportunity to work strongly with commercial and other partners to provide new and exciting opportunities for Paralympic sport in this country”.