Major organisations involved in supporting British elite sport, together with the organisers of the 2012 London Olympics, have joined forces as part of a new private-sector fundraising partnership.

A formal heads of agreement has been signed by the London Organising Committee of the Olympic Games and Paralympic Games (LOCOG), the British Olympic Association (BOA), the British Paralympic Association (BPA) and UK Sport to raise additional funds for elite athletes. The 'Team 2012' concept was unveiled by culture secretary Andy Burnham, which will see a unique package of branding, access and events rights offered to sponsors in a bid to generate more cash for UK Sport's World Class Performance Programme.

It is hoped that the new partnership will build on the existing Medal Hopes scheme, and will provide extra revenue in addition to the £550m public sector investment leading up to the 2012 Games. Burnham said: "The initiative will offer companies the chance to be associated with Olympic and Paralympic athletes and sports on UK Sport’s World Class Performance Programme. There will also be opportunities for regional and local companies, and individual patrons to get involved in supporting our athletes, through the scheme.

"This scheme builds on the work of the Medal Hopes initiative and will ensure that private investment gives additional financial muscle to our Olympic and Paralympic athletes to help their preparations for 2012 and beyond." John Steele, UK Sport chief executive, added: "It actively builds on and supersedes the significant work we have already done with Medal Hopes, providing us with an enhanced route to deliver those ambitions within the Olympic family.

"It creates a clear commercial landscape with a long-term legacy of fundraising, and it allows us to concentrate on our core role and what we believe we are here to deliver – world class success of our athletes through targeted investment in the World Class Performance Programme."