The extra funding will help to meet a £50 million shortfall in corporate backing for Olympic and Paralympic sports caused by the economic recession.
The British Olympic and Paralympic Associations, LOCOG and UK Sport came together earlier this year to create the initiative for Olympic and Paralympic sponsors to get behind the nation’s top athletes aiming for success at London 2012.
“Today’s launch of Team 2012 is a ground-breaking moment for British sport. Team 2012 will help bring to reality the dreams of future generations of athletes in competing at the very highest level,” said London Organising Committee for the Olympic and Paralympic Games chairman Sebastian Coe.
Rob Bruce, Head of Sponsorship at sponsorship agency Experience Worldwide believes that the new Team 2012 structure will help resolve a number of issues that have dogged sponsorship surrounding the British Olympic team.
"Not only could it bridge the funding shortfall required to support British Athletes and the continued desire to compete at the highest level, but it gives brands legitimate access to the wider Olympic story, a greater ability to develop engaging content around the athletes – human stories of ‘home grown’ athletes competing in the most prestigious sporting event ever to be hosted by Britain," he said.
Sports minister Gerry Sutcliffe said he was confident Visa's backing would increase Britain's medals haul in 2012.
