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Olympic chiefs have embarked on a £10 million pyramid-selling scheme to help fund the British team in 2012.
The British Olympic Association has signed up 22 ambassadors, with each committed to raising up to £500,000 towards the London Games.
The "high net worth" individuals, whose identities are being kept secret, will either write a large cheque for the sum they have agreed or host a series of hospitality events to urge others to contribute.
BOA chief executive Andy Hunt said: "The stuff around the high net worth individual is really rolling. We have 22 ambassadors out of the 30 we are trying to recruit to the appeal. They commit to raising a set amount of money over a three-year period - they either give it themselves or recruit 10 other friends to help do it. They can be entrepreneurs or people out of venture capital. It is pyramid selling."
Ambassadors pledged to support Team GB after they were wooed by Olympic chiefs and former England rugby coach Sir Clive Woodward at a gala dinner. There will be no Games tickets in return for the generosity of the benefactors, who are being asked to stump up out of patriotic duty.
Contributions will go into the Team 2012 fund, which will cover British athletes' accommodation, training camps and security.
Members of the public will also be asked to contribute in the 12 months before the Games.
Reader views (3)
Really???
At what point under the current New Labour government was "pyramid selling" made legal?
Will the 2012 Olympics now become the dodgiest Olympics since records began?
- Fraser, Telford Park, 19/11/2009 21:16
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Oh my God does this Government NEVER learn? What will it be next, a raffle for a VIP ticket to the games?
- Marianne, SW France/London, 19/11/2009 16:03
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"generosity of the benefactors, who are being asked to stump up out of patriotic duty."
Lucky them. I've been forced to stump up for them by way of a tax! Shame I wasn't given such a choice.
- Mark, South-East London, 19/11/2009 14:33
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