The prospects of Britain's cash-strapped water polo team competing in the London Olympics were revived today as British Gas announced a £15million sponsorship deal for water sports.

The five-year partnership was struck with British Swimming and will see money go to all disciplines, from grassroots to elite level.

But the national federation admitted that some emergency funds would be pumped into supporting elite-level water polo, which bore the brunt of the £50m in cutbacks made to Olympic sports last December.

It was feared that the British men's team would have to be abandoned in favour of the women's team after funding for the next four years was cut by almost £1m to £360,000.

British Swimming declined to say by how much water polo would be bailed out but a spokesman said: "This will help the problem but not solve it. It doesn't make up the entire shortfall."

Britain's swimmers enjoyed success at the Beijing Olympics with six medals, including gold in the 400m and 800m freestyle for Rebecca Adlington.

British Swimming Chief Executive David Sparkes said: "British Swimming looks forward to working with British Gas as a long-term partner and this provides us all with an opportunity to take a significant step forward."