Cycling: BikeNZ receives $5m grant

BikeNZ received a major boost today after Sport and Recreation New Zealand (SPARC) announced a $5 million investment over the next four years.

The grant was to assist BikeNZ in their build-up to the 2008 Olympics in Beijing, SPARC, the government's advisory arm on sport and recreation said.

As an incentive, BikeNZ was also eligible for a further $1.15 million if they meet key targets at the 2005, 2006 and 2007 World Championships, the Melbourne Commonwealth Games in 2006 and the Beijing Olympics.

SPARC is also investing $1.4 million in BikeNZ's talent development programme aimed towards creating future championships for the 2012 Olympic Games.

"This is very positive news for New Zealand cycling and sends a signal that SPARC is confident in the new BikeNZ structure and the medal potential that exists within road, track, mountain bike and BMX," BikeNZ chief executive Rodger Thompson said.

"It has been a period of major structural change over the last 18 months in bringing together the various national cycling bodies to work together. However, this increased level of support from SPARC clearly reinforces the potential of the new structure."

- NZPA