Wanda Group Eyes Stake In AC Milan Hangin' With ... Magnus Danielsson Bitburger Unhappy With FIFA Decision Bundesliga Increases Betting Income Etihad Stadium Ready For A-League Cycling Race Forced To Withdraw Poster Basketball ACT Puts Upgrade On Hold Ladbrokes Fans Take On Digital Role Executive Transactions FIVB Partners With Red Bull Joint Venture
SBD Global/November 26, 2012/OlympicsPrint All
Mining magnate Gina Rinehart, the world's richest woman, has "come to the rescue of the ailing Australian team," pledging to help Swimming Australia provide an extra A$10M ($10.5M) over the next four years to the nation's leading swimmers, according to Nicole Jeffrey of THE AUSTRALIAN. Rinehart and Swimming Australia revealed they would jointly establish the Georgina Hope Foundation Support Scheme, which will "provide personal financial assistance to both elite and developing swimmers, including disabled competitors, as they prepare for national and int'l competition." The agreement will help provide living allowances, squad funding, scholarship and performance funding. In a statement, Rinehart said that she had been supporting the sport since '92, and she hoped the foundation would make sure that Australia's swimmers "have every opportunity to train and compete at the highest possible level" (THE AUSTRALIAN, 11/24). The AAP reported Swimming Australia President Barclay Nettlefold said that the final structure of the scheme would be "determined in the coming months." He added that the funding boost would also "free up more funds for coaches and state members associations." Nettlefold: "It will be a performance-based tiered structure, and will include support for young up-and-coming swimmers as well. We also intend to increase the number of swimmers who can be supported through the Foundation" (AAP, 11/23).