The British Olympic Association has agreed a three-year partnership with housebuilder Persimmon Homes.
At the heart of the agreement is Persimmon’s new £1m (€1.14m/$1.3m) per year nationwide funding scheme, Building Futures.
Team GB will support the Building Futures programme, which aims to assist community sports, education and arts and health initiatives for under 18s.
Becoming an Official Partner of the BOA through until 2021, Persimmon’s initiative will see Team GB Olympians attend community projects across the UK to personally present funds and see first-hand the impact the donations have on local communities.
British Olympic Association commercial director, Tim Ellerton, said: “Over the next few years millions of pounds will be invested in new facilities and Team GB athlete visits will take place all over the country, all supporting schemes that will engage young people to make their communities stronger and better.
“The support of our partners enables us to take athletes to the Olympic Games and, without their funding, we would not be able to provide the platform for them to inspire the nation, be that in the boxing ring, in the pool or on the track.”
Persimmon Homes marketing director Mark Cook added: “Building Futures will allow us to help even more children and the support of Team GB will ensure we reach a much wider audience. Alongside Building Futures, Persimmon will also be launching an initiative to retrain and find jobs for retiring athletes, supporting them through and beyond their sporting careers.”