LONDON - Struggling to attract private funding during the global economic downturn, British sports officials announced a new sponsorship program Wednesday to finance the country's elite athletes ahead of the 2012 London Olympics.

The program, called Team 2012, offers sponsors, businesses and even individuals the chance to sponsor Britain's Olympic athletes.

The move comes less than a month after UK Sport announced that 50 million pounds ($89.4 million) in funding had been cut for eight Olympic and four Paralympic sports.

Britain's sports governing body teamed up Wednesday with the local 2012 Olympic organizing committee and the British Olympic Association to launch the new sponsorship program.

"I challenged our Olympic and Paralympic partners to come together and develop a strong and exciting proposition for business to support our medal prospects and I am very pleased that they have stepped up to the plate,'' BOA chief executive Andy Hunt said.

"This private sector funding stream will boost our medal chances even further and leave a lasting legacy from the Games. We know times are tough for many businesses, but this is a huge opportunity to be associated with the success of our athletes.''

Money raised will be aimed primarily at UK Sport's World Class Performance Program, which supports competitors in 24 Olympic and 20 Paralympic sports.

Last month, UK Sport cut funding for fencing, handball, shooting, table tennis, volleyball, beach volleyball, water polo, weightlifting and wrestling, sports where Britain has little success at Olympics. Paralympic sports fencing, goalball, volleyball and women's wheelchair basketball also had their funding reduced.

In a separate development, organizers announced that plans for the urban park that will be the centrepiece of the London Games had been approved by the Olympic Delivery Authority's planning committee.

Contractors are being selected to start creating the 100-hectare park this spring. The park will house the main Olympic Stadium, athletes' village, aquatics centre and other venues. The project is part of the long-term redevelopment of the rundown east London area.

"This is fantastic news and another important landmark for the project,'' organizing committee chairman Sebastian Coe said. "The Olympic Park will be the heartbeat of the Games in 2012, home to world-class sport and a vibrant centre of the celebrations at Games-time. After the Games, the entire area will regenerated and rejuvenated benefiting the city and its inhabitants for generations to come.''