UK Sport has revealed details of which British Olympic and Paralympic sports are to be allocated a share of confirmed investment worth £292m in the lead up to London 2012.

Funding for elite athletes will increase in a number of sports as UK Sport has implemented a 'no compromise' investment strategy designed to target events most likely to provide medal success in four years time. The investment is designed to achieve UK Sport's medal table targets for the London 2012 Games, with Olympic competitors expected to secure a top four finish, while Paralympians have been set a target of second place.

A total of 19 Olympic and 14 Paralympic sports will receive full performance funding between April 2009 and March 2013. These include medal-winning sports from Beijing, as well as hockey and basketball. It follows an announcement by culture secretary Andy Burnham that an additional £50m of public money has been made available to fund UK Sport's World Class Performance Programme.

However, the sports agency is still facing a £50m shortfall in its original funding ambitions for the 2012 Games worth £600m. As a result, eight sports have yet to receive confirmation of their funding allocation, with a likely cut expected for events such as handball, table tennis and water polo. UK Sport has told those awaiting funding confirmation that, although they will receive a basic level of funding, the organisation will also work with each sport to secure investment from other sources, including private sources.

Sue Campbell, chair of UK Sport, said: "The decisions made by our board were not easy, but they were right. The additional funding confirmed by Andy Burnham is very welcome given current economic conditions, and brings a high degree of certainty in an otherwise uncertain world. "With a shortfall in the overall funding available we had to make some tough calls, but we did so in the knowledge that our 'no compromise' strategy is not only known and understood by sport, but was also the basis of our success in Beijing."

Basketball, which received £3.7m investment ahead of the Beijing Olympics, stands to benefit from an increase of £5m, bringing total funding to £8.7m ahead of the London Games. erformance director of British Basketball, Chris Spice, said: "This funding provides us with a great platform from which to build on our great progress to date. "With this vote of confidence comes great responsibility and pressure to perform, which is the business we're in. We relish the challenge to perform successfully in 2012 and leave behind a lasting legacy for elite level basketball in Britain."

Among the sports to miss out was Volleyball, which won't find out its funding allocation until the end of January. Richard Callicott, president of the British Volleyball Federation, said: "We have no indication of the level of funding we will receive and what that level will be. As a result this leaves the sport in limbo with regards to implementing the next stage of development." The eight Olympic sports awaiting a funding decision are Volleyball, Handball, Water Polo, Fencing, Weightlifting, Wrestling, Shooting and Table Tennis.