An additional £100million will need to be raised from the private sector, through sponsorship, on top of a further £300million promised through the National Lottery.
The figures follow a blueprint delivered by UK Sport, which lobbied for the majority of funding to be spent on athletes with the best chance of success.
But Sport England also welcomed the Budget as good news for sport at all levels.
“The Chancellor’s statement is yet further proof that sport is on both the Government’s and the national agenda in a way it has not been before. We welcome the funding for both elite and community sport,” said Lord Patrick Carter, chair of Sport England.
He added: “We welcome the £34million pledged to support the imminent launch of the National Sports Foundation, which will provide further funding opportunities for grassroots and community sport.
“This will contribute positively towards our drive for increased involvement and participation in sporting activity.”
From the beginning of April, Sport England’s strategic and financial focus will concentrate on investing in community and grassroots sport.
All world-class and elite level funding, including that for Olympic prospects, will be distributed by UK Sport.
