Sailing received the biggest grant ahead of Annalise Murphy looking to win another Olympic medal at Tokyo 2020 ©Getty Images

The Olympic Federation of Ireland (OFI) has announced further discretionary funding awarded to member federations ahead of the postponed Tokyo 2020 Olympics.

With the total sum of grants issued since 2018 now sitting at €530,000 (£482,000/$606,000), the latest set produce a sum of €80,000 (£72,700/$91,400) and support eight Olympic projects - six from sports in the Summer Games and two related to the Beijing 2022 Winter Olympics.

The biggest beneficiary was sailing, receiving the largest grant at €12,000 (£10,900/$13,700).

Annalise Murphy, who won silver at Rio 2016 in the laser radial, has already been selected to represent the nation at Tokyo 2020.

Canoeing, boxing, gymnastics and modern pentathlon all received €10,000 (£9,100/$11,400), with bobsleigh and skeleton and ice hockey also receiving the same amount as they prepare for Beijing 2022.

Volleyball was given the smallest grant at €8,000 (£7,300/$9,100).

The funding is entirely generated from commercial sources, such as main sponsor FBD Insurance and OFI partners Indeed and Circle K.

Gary and Paul O'Donovan won one of Ireland's two Olympic medals at Rio 2016 ©Getty Images
Gary and Paul O'Donovan won one of Ireland's two Olympic medals at Rio 2016 ©Getty Images

The allocation of the grants was decided by the Discretionary Funding Committee, chaired by OFI chief executive Peter Sherrard.

The Discretionary Funding Committee also includes Tokyo 2020 Chef de Mission Tricia Heberle, Sport Ireland high performance director Paul McDermott and independent consultant Brian MacNeice of Kotinos Partners.

Sherrard welcomed the new funding and said: "Since June 2018, we have made 46 separate grant awards to our member federation under the OFI discretionary funding programme, which is made possible thanks to commercial revenues from our sponsors.

"Their support and this funding is vital in helping athletes and performance directors realise a wide range of extremely worthy projects, delivering tangible performance and developmental benefits for the athletes.

"As we close out on this first run of the programme in 2020, our objective is to enhance and expand it for the next four-year period leading up to Beijing 2022 and Paris 2024.

"This objective is made all the more important due to the difficulties being faced our sports during the COVID-19 pandemic."

Ireland won two Olympic silver medals at Rio 2016, with rowing brothers Gary and Paul O'Donovan finishing on the podium in the men's lightweight double sculls.

Murphy won Ireland's other medal.