Brazil gets sports funding

Sport Business News

Funding sources for 2014 FIFA World Cup and Rio 2016 Olympics projects in Brazil continue to sprout up with the latest injection coming from the federal government's Studies and Projects Financing department (FINEP), part of the Ministry of Science and Technology, which has committed R120m to projects involving technological innovation in the area of sport.

Available primarily for World Cup 2014 projects, but also applicable to Rio 2016 preparations, the funding programme is known as 2014 BIS and aims to develop a set of practices and investments that will demonstrate Brazil's "creativity, innovation, culture and sustainability", while also preparing the country for the two mega–events. One of the initial projects is the Olympic Laboratory, which will use R11. 5m of the funding and will aim to be the main reference for sport sciences in Latin America upon opening during the first half of 2011. A further important aspect of the program will be the launch of venture capital fund for sport technology projects to be launched later in 2011. Meanwhile, in huge news for a range of Brazilian athletes and their respective sports, not to mention foreign experts seeking opportunities in Brazil, semi–public energy company Petrobras has committed to invest R265m in five lucky sporting disciplines to assist the country's chances of winning medals at Rio 2016. Boxing, fencing, rowing, weight–lifting and taekwondo are the sports to receive funding, which will be spread among direct payments to athletes to support their training, new equipment and offshore training placements. The company stated that it chose the sports based on the high amount of medals on offer in each one, giving the country a better chance at climbing the rankings to within the top 10. At Beijing 2008, Brazil was 23rd with just three gold. Initially, 110 athletes will benefit from the funding: 26 boxers, 16 fencers, 24 rowers, 24 taekwondo athletes and 20 weightlifters. The move by Petrobras comes during a period of high activity in Brazil's Olympic sport sector, with a range of groups including the country's Olympic Committee president, sport minister and various sport federations all calling for greater investment in Olympic disciplines to ensure a solid performance at Rio 2016, reflecting a similar situation in Australia in the lead up to Sydney 2000. A report in late October 2010 also detailed how Brazil has never participated in six of the sports to be contested at Rio 2016 (field hockey, badminton, trampoline, women's boxing, golf and rugby). The article points out a range of activities already underway, including specialist training centres and junior programmes, in an attempt to prepare the country to fill this void for the first Olympics ever in South America. About Simon TarmoA journalist from Sydney, Australia, and co–founder of industry journal Australian Sponsorship News, Simon Tarmo now lives in Belo Horizonte, Brazil. Having worked on a range of writing, research and trade projects across a number of industries including sport, entertainment and wine, he is currently focusing on business opportunities involving the 2014 World Cup and Rio 2016 in Brazil. With fluent Portuguese language skills, he has an extensive network of contacts throughout Brazil and can advise and assist foreign groups doing business in the country. More details http://simontarmo. blogspot. com/ ~ Simon Tarmo+55 31 9196 0069simon@pando. com. auhttp://simontarmo. blogspot. com/

Additional information