Britain seeks sponsors for London 2012 athletes

Published Jul. 26, 2010 6:31 p.m. ET

foxsports

Britain's Olympic and elite sports bodies urged small businesses Monday to invest $23 million in developing athletes for the 2012 London Games.

Olympics Minister Hugh Robertson said ''supporting the Olympics is not just something big multinationals can do.'' Sports funding in Britain is provided by the government and National Lottery.

The initiative called Team 2012 wants 750 firms to invest more than $30,000 each to help reach a nearly $39 million fundraising target. Visa and private donations will also contribute. British Olympic Association chairman Colin Moynihan said the goal has been halfway met.

''We must get the very best of British performing on the day in London two years hence and this gives us the opportunity to fund that,'' he said.

Tessa Jowell, the Olympics minister under the previous Labour administration, has been given a role on the body overseeing the delivery of the games.

Also, UK Sport and Sport England, the two bodies that distribute lottery money to sports, are to be merged as part of government cost cutting.