The charitable arm of Greenwich Leisure Limited (GLL) has produced a £1.2m (US$1.7m, €1.5m) funding pot for 2,000 young athletes hoping to make the Olympic Games.

GLL Sport Foundation (GSF) has launched the fund in collaboration with SportsAid, Mary Peters Trust, local councils and public organisations to offset a decrease in financial backing for young athletes.

Money will go towards 30 athletes focused on qualification for Rio 2016, although the majority of the resource will be ploughed into the hopefuls eyeing Tokyo 2020 or the Games in 2024, which will be held in either Budapest, Los Angeles, Paris or Rome.

Grants of up to £1,250 (US$1,815, €1,589) will be available for training programmes, access to sport science and competition expenses.

The awards will cover 100 Olympic, Paralympic, Deaflympic and Special Olympic sporting disciplines, while three-quarters of the money will be distributed to athletes under the age of 21.

According to GSF, 90 per cent of athletes winning an award will receive no other sport funding. Sally Gunnell, GSF patron and former Olympic champion, said the fund was “vitally important”.

“From starting out as a young athlete and progressing through my sport, I know that support through your development years is crucial,” she added.

GSF chair Peter Bundey said: “We know first hand the commitment, effort and sacrifices athletes are making to harness their talent. I would like to thank all our partners, sponsors and supporters for their support in this programme.”