The Week: Advertising news - Govt in 2012 funding drive

The Government has launched an initiative to increase private sponsorship of Team GB to make up the £79 million hole in funding promised to athletes training for the 2012 Olympic Games.

The Government initially promised UK Sport, the central body that awards funds, £600 million, of which £100 million would come from private sponsors. The new initiative, Team 2012, will offer businesses sponsorship packages for teams, but it will not allow them to use the 2012 logo or Olympic rings. Instead, businesses will be offered naming rights to Olympic venues once the Games have ended.