The Australian Olympic Committee said Friday it would spend 18.5 million US dollars to send a team to the 2012 London Olympics.

The AOC said it had budgeted 16.7 million dollars (10 million US) to prepare and 13.4 million dollars (8.5 million US) to send a team of 400 athletes to the Games.

The number of athletes is down on the 435 athletes Sydney sent to this year's Beijing Games, following the exclusion of baseball and softball from the next Olympic programme.

"I see the 30 million dollar budget as a good starting point," AOC president John Coates said.

"We came off a similar base of 29.3 million dollars after the (2004) Athens Olympics and boosted it (to 34 million dollars) as Beijing drew closer.

"We would like to do the same this time for London, but that will depend on us first achieving our sponsorship and fundraising budgets and they will be more difficult in the current global financial crisis and uncertain times ahead."

The AOC Executive has only approved an allocation of 4.7 million dollars (2.9 million US) towards its medal incentive programme to help athletes to win selection and vie for medals in London.

The funding for medallists represents slightly more than the previous four years except there is no monetary reward for 4th placed athletes at this stage or for coaches, the AOC said.

"Our focus is on rewarding athletes who produce results. It is an incentive to athletes to reach their goals on the world stage" Coates said.

"We have discontinued Medal Incentive Funding to coaches, previously amounting to 20 percent of that for athletes.

"While we acknowledge the hard work, dedication and outstanding results achieved by our coaches, the athletes must get priority in these tough economic times."

Coates also announced that he was stepping down as the Australian team's Chef de Mission and that dual Olympic rowing gold medallist Nick Green would lead the Australian Olympic Team to the London Games.

Green, 41, will also be Chef de Mission of the Australian Team competing at the first Youth Olympic Games in Singapore in 2010, Coates said.

Coates has been Chef de Mission of the Australian Olympic Team at the past six summer Olympic Games.

"I was 38 when I took my first Olympic Team to Seoul in 1988 and I believe it is time to give a younger person a go. Nick's appointment represents a generational change in the leadership of our teams," he said.

He added he would like to remain the AOC president.

AFP

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