"I felt compelled to initiate a new award that recognises what young sportsmen and women are achieving is worthwhile, and that there are people out there supporting them along their journey."
Over the last six years Knight has been sponsoring local high-performance athletes like New Zealand 200-metre champion Georgia Hulls and para athlete Guy Harrison.
Sport Hawke's Bay general manager Ryan Hambleton said the Rachael Knight Emerging Young Athlete Award will allow the region to recognise its future champions.
He said Hawke's Bay has more secondary school aged students participating in sport than the national average and therefore a number of emerging and high performing athletes.
"This award will ensure we are celebrating not only our supreme athletes, but also those younger athletes that we can identify and assist in their journey to become an Olympic, Paralympic or World Champion, and hopefully one day win the supreme Hawke's Bay Sportsperson of the Year award," Hambleton added.
"Participating in physical activity at all levels comes with a cost so support from people like Rachael reduces barriers for people to get more physically active and in some cases excel on a national and international level."
Knight said investing in the future of Hawke's Bay through sport is incredibly fulfilling.
"It's easy to think about being charitable but not do anything about it, it takes a certain resolve to put the 'giving wheels' in motion," she said.
"Do it while you're alive so you can be involved and see the pleasure your generosity brings."