Long-term funding urged to deliver Olympic success for Hong Kong elite athletes
After disappointing return from Rio Games, Sports Institute chairman Carlson Tong says income boost is vital if local sporting stars are to challenge for medals at 2020 Tokyo Olympics
Faced with uncertain returns from a special athletes fund, the Hong Kong Sports Institute will seek guaranteed long-term government funding for its growing band of elite athletes as it puts a disappointing Rio de Janeiro Olympic Games behind it.
The chairman of the elite training centre, Carlson Tong Ka-shing, said on Thursday that a reliable source of income was pivotal if Hong Kong athletes were to challenge for medals in Tokyo in 2020.
About 90 per cent of the institute’s income for the financial year ending March 31, 2015, came from the returns from the government’s HK$7 billion Elite Athletes Development Fund (EADF).
But the rate of return has almost halved since the fund was set up in 2011 when a six per cent return was expected to support sports development.
“When the fund was first established, we were supporting 13 tier A sports, but now we have 17 under our programmes,” said Tong, who is also chairman of the Securities and Futures Commission.
“The return of the fund is now at an average of 3.5 per cent, and if there is no improvement, we may face problems as the support for elite sports grows, especially those who are challenging for medals at the Olympic Games.