Businesses in the West Midlands are to raise an average of £60,000 each to give local athletes the best possible chances of success in the 2012 Olympics.

Companies in the region have banded together to raise the funds which will be dished out to deserving sportsmen and women as they prepare for the next games in London.

The idea came after Team Great Britain came home with its best ever haul of medals in 100 years from the Olympics and Paralympics in Beijing.

Companies around the region have formed Team Business West Midlands and aim to raise £60,000 each over the next four years which will then be allocated to athletes. West Bromwich Building Society is one of the local firms involved in the business community initiative. The building society’s chief executive Stephen Karle is currently acting chairman of Team Business West Midlands.

He said: “While public funding for young athletes remains critical, the role of the private commercial sector cannot be underestimated.

“Accordingly, Team Business West Midlands represents a collective and concerted effort by local companies to provide substantial financial support.

“The West Midlands is rich in sporting potential and while the medal haul from Beijing is a real cause for celebration, this new initiative reflects our determination to build upon that success with the prospect of not simply emulating, but exceeding this year’s feat at London 2012.”

The funds will be administered by the Birmingham Foundation and allocated to athletes on the recommendations of Sports Aid and other bodies.

The scheme was being launched today by BRMB sports commentator Tom Ross at Birmingham National Indoor Arena.

Mr Karle said the UK’s haul of 19 gold medals, 13 silver and 15 bronze medals in the Olympics and 42 gold, 29 silver and 31 bronze in the Paralympics in Beijing had made the world “sit up and take notice of the glittering array of sporting talent that graces these shores.”

l Pictured at the launch are Stephen Karle, chairman of Team West Midlands, Jodie Stimpson, from Oldbury, and Hannah England, Olympic hopefuls, Zac Purchase with his gold medal from the rowing at Beijing and Mike Whitby, the leader of Birmingham City Council.