Following on from my post about Culture Secretary Andy Burnham’s statement on how he intended to tap into private sector sponsorship to plug the £79million hole in the Government’s budget for funding Olympic athletes’ training, I was interested to see the good corporate citizens of the West Midlands announce an innovative new Olympic funding model, the first of its kind in the country, which may provide Mr Burnham with a solution to his problem.

A group of businesses in the region, led by the West Bromwich Building Society, have united under the banner of Team Business West Midlands and aim to raise £60,000 each over the next four years in the run up to London 2012 to help fund local athletes’ training. Hats off to Team Business West Midlands, and great news for the athletes.Good news for Mr Burnham too - and an opportunity.

Not only is Team Business West Midlands extending an invitation to other local businesses to join the funding scheme, it’s also inviting other UK regions to follow its lead.

If DCMS were to get behind this initiative by incentivising businesses with matched funding, maybe, just maybe, that £79m is achievable after all.

By Tim Crow on September 25th, 2008

Tags: DCMS, Default, London 2012, London 2012 sponsorship, New Product Development, Olympic sponsorship, Olympics, Sponsorship, Sponsorship consultants, Team GB