NZOC launches Olympic Foundation

The New Zealand Olympic Committee (NZOC) is to launch the Olympic Foundation at a function at the Takapuna Boating Club in Auckland tonight.

The foundation is to create a trust fund, from which income can be derived for NZOC's work.

NZOC is not only the organising committee for New Zealand Olympic and Commonwealth Games teams, it is also entrusted with the promotion of Olympism, using sport to help make the world a better place to live.

Through donations, gifts, endowments, loans, shares and investments or bequests, the foundation aims to promote and develop the NZOC's work.

The foundation launch coincides with Olympic Day, which commemorates the day on which Pierre de Coubertin founded the modern Olympic movement.

- NZPA