On Tuesday last week, I joined 47 athletes from 47 different Olympic and Paralympic sports and disciplines, at the Olympic Stadium in Stratford, to celebrate the announcement of Visa as the presenting partner of Team 2012.

To say that I was excited to be there would be an understatement. The creation of Team 2012 as an effective way of raising much needed private funds for Olympic and Paralympic sport, to complement the record public investment that has been made, has not been easy.

The hard work and team ethic shown by the four partners that run Team 2012 - the British Olympic Association (BOA), the Paralympic Associations (BPA), London 2012 and UK Sport - was unparalleled and I am confident that the scheme will work, establishing a vital third stream of income for elite sport here in the UK.

Thanks should go to the Presenting Partner Visa, whose support and commitment to the concept will make a real difference to elite sport in this country.  Of course the biggest thank you should go to the athletes, whose support for the scheme and unrivalled passion for their sports has made this possible. The contribution they are making by supporting the concept, giving something back to sport in this country, should not go unrecognised.

Meeting the athletes at the Stadium really brought home to me just how incredible the next three years will be. It was the first visit for many of them and the excitement and determination etched on each face reminded me that the work behind Team 2012 had actually only just begun.

So where will the money raised by Team 2012 go? A small amount will go towards the running of Team 2012, whilst a minimal percentage will go to the BOA and BPA and will be invested in performance services run by them for the sports. The majority of the money however will be granted to UK Sport, which we will invest in our World Class Performance Programme (WCCP). We currently fund 47 different Olympic and Paralympic sports and disciplines through the WCCP and the money we receive will go directly to helping make sure that alongside the substantial and vital support of the National Lottery and Government, the athletes have the best possible support leading up to the London 2012 Games and beyond. 


Deciding where we will spend the money is a thorough process – undertaken through an annual review this year and "mid-cycle" review in 2010. So the first decisions based on Team 2012 income will take place after this year's annual review of performance of each sport and won’t be finalised until after our board meeting at the end of the year.

All funding decisions will be made on merit and will be taken in line with our no compromise strategy. We look at a lot of factors based around an assessment of each sports current performance and future potential relative to each other. The Mission 2012 reporting that is now in place helps greatly to give us a more rounded picture. And we will leave no stone unturned in making sure the money is spent wisely and where it can have most impact. There has been much talk of the 12 Olympic and Paralympic sports which were only awarded basic levels of funding last year and these, like every other sport, will be discussed in detail before any decision is made.

Tuesday was the start of an important process. We should have no doubt that the money raised by Team 2012 will have a direct impact on the preparation of British athletes who will be representing us at London 2012 and future Olympic Games. We will make sure that money is spent in the right areas, where it is most needed and can have the most impact and in doing that, we will give Team GB and ParalympicsGB the best possible chance of achieving our aim of a top four finish in the Olympics and second in the Paralympics in London in just under three years time.

John Steele is the chief executive of UK Sport