Companies in the region have formed Team Business West Midlands to help raise money to support athletes in the region.

 

The firms involved have pledged to raise £60,000 over the next four years which will then be allocated to athletes.

 

The initiative is being led by the West Bromwich Building Society, whose chief executive Stephen Karle has been appointed the acting chairman of Team Business West Midlands, who said that London 2012 chairman Sebastian Coe had already identified 36 athletes the scheme maybe able to help.

 

Other firms signed up to the scheme already are Birmingham Airport, Black Country Business Consortium, Chiltern Railways, Hadley Group, Richardsons and Westfield.

 

The group is now extending an invitation to other West Midlands business to join the funding scheme and to other regions to follow their lead.

 

Karle said: “While public funding for young athletes remains critical, the role of the private commercial sector cannot be underestimated.

 

“Accordingly, Team Business West Midlands represents a collective and concerted effort by local companies to provide substantial financial support.

 

“The West Midlands is rich in sporting potential and while the medal haul from Beijing is a real cause for celebration, this new initiative reflects our determination to build upon that success with the prospect of not simply emulating, but exceeding this year’s feat at London 2012.

 

"When it was announced that London would get the Games there was always the concern that the excitement would just be in London, so we began to talk about how we could play our part.

 

"We want to encourage our potential athletes.”

 

The funds will be administered by the Birmingham Foundation and allocated to athletes on the recommendations of Sports Aid and other bodies.

 

The scheme was launched today by BRMB sports commentator Tom Ross at Birmingham's National Indoor Arena.

 

Karle said Britain's haul of 19 gold medals, 13 silver and 15 bronze medals in the Olympics and 42 gold, 29 silver and 31 bronze in the Paralympics in Beijing had made the world “sit up and take notice of the glittering array of sporting talent that graces these shores.”

 

Among those who attended today's launch were former boxer Richie Woodhall, who won a bronze medal at the 1988 Seoul Olympics.

 

He had to work as a landscape gardener while pursuing his Olympic dream, which allowed him to turn professional and become world super middleweight champion.

 

Woodhall said: “Money was a big problem for us back then and it was a struggle to prepare back then.

 

“This is vitally important because the Olympics were the platform for everything I achieved and I would urge all the athletes to believe in their own dream.

 

"This will help."