Coe hails Visa sponsorship deal

Visa will become the presenting partner of Team 2012 in the run-up to the London Games in three years' time. The money will go towards filling a £50million funding shortfall for Olympic and Paralympic sports.

Coe, chairman of the London organising committee, said: "Team 2012 will help bring to reality the dreams of future generations of athletes in competing at the very highest level. We are delighted to have Visa as the presenting partner and driving force behind Team 2012."

Tuesday's announcement at the Olympic Park in east London came after an agreement was finally reached with athletes' agents over image rights.

There was resistance initially from some agents, including those representing Sir Chris Hoy, Rebecca Adlington and Christine Ohuruogu. A deal was struck after UK Sport guaranteed no fewer than four athletes - from a minimum of three sports - will be used in any images to promote Team 2012 or their sponsor, with no undue prominence given to any athlete.

Sports minister Gerry Sutcliffe added: "This is a terrific vote of confidence by the business community in the work being done to give our medal hopefuls the best chance of striking gold in 2012.

"It is fantastic that Visa has stepped forward, and I am confident that this extra funding - building on the unprecedented levels of public funding for our athletes - will help our Olympic and Paralympic teams deliver even more medals in London."

Team 2012 is a joint project involving UK Sport, the British Olympic Association and British Paralympic Association, and the organising committee of the London Olympics.

Peter Ayliffe, president of Visa Europe, said: "As a worldwide partner of the Olympic Games since 1986, Visa is proud to have created such a prolific partnership with Team 2012.

"It will embody British pride, courage, effort and achievement and provides a unique opportunity for the country to get behind the UK's best athletes and help them compete and win more medals than ever before."