Greenwich Leisure (GLL) has set up the GLL Sport foundation to provide talented athletes in London with funding and training ahead of the 2012 Olympics.

The sports trust has pledged to provide more than £300,000 a year to the scheme, which aims to help develop athletes in the London boroughs in which GLL operates leisure centres by offering financial grants and access to facilities, support for coaches to increase qualification levels and technical skills, and credits for facility use by sports organisations promoting youth sport.

The initiative has also attracted sponsorship from fitness equipment manufacturer Technogym and vending company Bunzl (Coffee point).

Former Olympic Gold Medallist Sally Gunnell is patron of the new foundation: “I am delighted to be part of the GLL Sport Foundation, providing much needed support for up and coming athletes,” she said.

“From personal experience I know how essential this kind of support is in realising the ambitions of young sporting talent.”

Peter Bundey, GLL director, added: “Sport is a positive way for young people to improve skills, self-esteem, health and inclusion with their communities.

“We aim to provide tangible help for young sport people to develop and achieve their full sporting potential. Our aim is to promote athletes as positive role models within their peer groups and local young communities.

“We are committed to ensure the foundation compliments the many excellent sporting initiatives established by our local authority and other service partners.”

Speaking at the launch of the foundation at the House of Commons, sports minister Gerry Sutcliffe said: “I welcome the launch of the GLL Sport Foundation and their efforts to support young, talented athletes in London ahead of the 2012 Games.

“The foundation will also help boost community sport in some of the most deprived areas of the capital. Sport has the power to change lives for the better and these initiatives can do just that.”

The first financial awards are set to be announced in the next few months.