Half of that figure is to go to support Team Devon, a partnership of local businesses, sporting bodies and local authorities set up to make sure Devon can play its full part in preparing for London 2012 and to help the county benefit fully from potential economic and investment opportunities.

The other half is to be invested via Devon’s schools and youth service to provide extra support for young athletes of the future.

Devon Council Leader Brian Greenslade said: “Everyone is delighted at the performance of Team GB in Beijing and we warmly congratulate all our Devon athletes who have done themselves and the county proud.

“We need to build on this and do all we can to make sure Devon plays its part in a successful London 2012 and we benefit fully from the opportunities this will create.

“We recognise that achieving Olympic success takes years of hard work and dedication and it is also important we do all we can to help and support our potential young sporting stars of the future to develop.”