Fri, November 01, 2024
UK government to invest £344 million in next Olympics and Paralympics
The money will be invested in Olympic and Paralympic athletes over the four years of the Los Angeles 2028 Olympic cycle. This will also assist the British athletes participating in the 2026 Winter Olympics in Milan-Cortina.
The pledge to increase funding was made by Chancellor Rachel Reeves in the Budget. The Treasury said it would supply “an extra £9 million a year to support hundreds of talented athletes across the country as they prepare to go for gold at the 2028 Olympic and Paralympic Games in Los Angeles.”
Needless to say, this has been well received by many athletes as numerous have considered retirement due to a lack of funds. According to a survey conducted by the British Elite Athlete Association (BEAA), 64% of 189 athletes would consider retiring if financial support did not improve.
Sally Munday, UK Sport’s Chief Executive, said: “It will make a real difference. Investment in Olympic and Paralympic sport provides incredible value for money, driving economic growth and inspiring and uniting people and communities across the country.”
UK Sport is likely to announce this December how the money will be divvied. This will give everyone involved enough time to plan. The money will enhance sports science and medicine.
As said by Munday: "[It will] contribute towards costs of training environments, camps, travel, accommodation, and entry into international competitions outside of the Olympic and Paralympic Games. Around 1,000 athletes across 50 sports will receive grants.”
Athletes also receive grants known as Athlete Performance Awards which are funded by the National Lottery. However, the average athlete received just under £22,500 per year during the previous Olympic cycle. The highest National Lottery grant was £28,000.
Athletes, especially those who do not win medals during the Games, were in desperate need of this pledge.
