British Olympic Team Reliant on Sponsors

The British Olympic team is perhaps the only one in the world that relies entirely on non-government sponsorship, but it is on track to have athletes competing in every Olympic sport at the London 2012 Games, Andy Hunt, chairman of the British Olympic Association told CNBC.

“We’re totally reliant on sponsors, on the business community, on donors and fundraising to make sure we can actually take a team to the games,” Hunt said.

“We have to be a hugely entrepreneurial organization, create real value for sponsors and donors and we’re on track to deliver the money we need to support the team,” he added.

Sports which are most likely to yield medals for Britain typically receive the most investment, but for the London games, the British Olympic Association is aiming to participate in every event on offer.

“There's over 100 million pounds ($163 million) a year going into funding elite sport, the Olympic sports, the sports which we have traditionally 'medaled' in, but also given the opportunity of the home games, we have the chance to actually field teams from every Olympic sport in order to compete credibly,” Hunt explained.

He added that another key objective for the organization was to ensure a lasting legacy from the Olympic Games and that planning for London 2012 had been exemplary.

“The sporting legacy we will have from the Olympic Games, the investment that's been put in infrastructure for some sports is phenomenal,” he said.

“I can't guarantee no white elephants, what I can guarantee is everyone is working really hard in advance,” Hunt added.