The Times claim that the company is in final negotiations with Fast Track, the agency appointed by Andy Burnham, the Culture Secretary, to raise the missing millions from the private sector under a sponsorship scheme called Medal Hopes.

 

The Times claimed that discussions are about a £1 million-a-year package to be offered to five “tier one” sponsors backing 1,500 Lottery-funded athletes to the Olympics.

 

The Government are facing a race against time to raise £79 million in private funding that was pledged more than two years ago as part of a £300 million package to boost the home nation's performance at the 2012 Games.

 

The current economic situation has made the task much harder and a number of sports, particularly the minor ones like handball and volleyball, fear that their funding could be cut and badly compromise preparations for London 2012.

 

The situation is due to be discussed by UK Sport, the Government agency in charge of distributing funding to 24 of the 26 sports that will make up the London Olympics, at a meeting on December 2.

 

Medal Hopes is underpinned by a contractual obligation on every publicly funded athlete to give three days a year to promote the National Lottery.

 

This time, which is rarely used, is to be packaged in three tiers of sponsorship, from national to regional and local level.

 

Sponsors would have access to a pool of 1,500 athletes, from household names such as Chris Hoy, Britain’s most successful Olympic cyclist, to unknowns in low-profile sports.

 

The Times claimed that Fast Track, the agency founded by 1974 Commonwealth 400 metres hurdle champion Alan Pascoe, is in talks with several potential sponsors besides Sainsbury’s, while continuing to explore other fundraising options.

 

Andrew Owen, the director leading Medal Hopes, said: “We’ve made progress in devising certain programmes and we are pleased with the level of support so far.

 

"There’s still work to do. We will be going to the market and we expect the nature and shape of our programmes to evolve.”

 

The full article can be read at http://www.timesonline.co.uk/tol/sport/olympics/london_2012/article5101699.ece.