OCM To Establish National Sports Endowment Fund

Barnama

3 days ago

KUALA LUMPUR, July 19 (Bernama) -- The Olympic Council of Malaysia (OCM) will establish a National Sports Endowment Fund as a sustainable financial mechanism to support the development of sports in the country and reduce reliance on government funding.
OCM president Tan Sri Mohamad Norza Zakaria said the proposal of the establishment of the fund was unanimously approved during the 213th OCM Executive Council Meeting here, today.
Mohamad Norza said the dedicated fund is envisioned to serve as a long-term investment platform, drawing contribution from the private sector including corporation, foundation, and individual philanthropists to provide financial assistance to national sports association (NSA), athletes, and coaches in their pursuit of sporting excellence.
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'We realise that the time has come for all of us, the days of being completely dependent on the government to help national sports is over. We need support from the private sector to come in.
'This effort is complementary to what the government has done so far through the National Sports Council with the Ministry of Youth and Sports. We want to present this and we will take it to the highest level of KBS through Minister Hannah Yeoh,' he told a press conference after the meeting, here.
He said the fund would be free from any political interference and governed by an independent body representing the OCM as well as individuals from industry, with potential participation from the government to be discussed further.
Mohamad Norza said government representation is important to oversee the fund's operations, including the consideration of potential tax incentives for contributors.
Asked about the timeframe for the establishment of the fund, he said it would realistically be in place by the end of the year, or at the latest, by the first quarter of next year.
Meanwhile, Mohamad Norza said they had also established the Olympic House Project Steering Committee (Jawatankuasa Pemandu Projek Rumah Olimpik) which will be chaired by OCM secretary general Datuk Mohd Nasir Ali and Squash Racquets Association of Malaysia (SRAM) president Gerard Monteiro as deputy chairman.