British Cycling has been granted £35.4m GBP ($47.9m USD) to fund preparations for the 2024 Olympic Games.
The allocation is part of a total investment of £352m ($476m) in British sport for the Olympic and Paralympic Games in Paris. The national governing body, UK Sport, is funded by grants from the British government and sales of National Lottery tickets.
The $35.4m investment of £27.6m for cycling and £7.8m GBP for paracycling represents a 12 percent increase from that invested into Team GB’s Tokyo Olympic preparations.
“The money will be invested in supporting the very best of talented British cyclists as we seek to continue to be the top cycling nation at the Olympic and Paralympic Games,” said British Cycling performance director Stephen Park. “That means reinforcing our talent pathways to ensure the legacy of the team can continue beyond 2024.”
The investment in funding for cycling comes as other sports see budget cuts to make headroom for support of new Olympic disciplines such as climbing, skateboarding and surfing.
“We wanted to reach more sports than we’ve ever been able to before and as a result we have had to make some pretty tough decisions,” said UK Sport chief executive Sally Munday. “I believe that the sports that have been consistently successful will continue to be successful with the funding that they have received.”
Great Britain topped the medals table at the 2016 Rio Games, taking a total of 12 podiums. The U.S. ranked third with five medals – three gold and two silver.