Great Britain's Olympic and Paralympic athletes will be sponsored by Visa in what has been described as a "ground-breaking" deal.

Visa has agreed to become the 'presenting partner of Team 2012' and will sponsor all 1,200 athletes in the build-up to the London Olympics.

The money will be used to help athletes train in the run up to the games in three years' time.

"Today's launch of Team 2012 is a ground-breaking moment for British sport," said Lord Sebastian Coe, who is chairman of the London organising committee.

"We are delighted to have Visa as the presenting partner and driving force behind Team 2012."

The deal has been agreed despite reported resistance from some leading athletes over individual image rights.

"This is a terrific vote of confidence by the business community in the work being done to give our medal hopefuls the best chance of striking gold in 2012," added Sports Minister Gerry Sutcliffe.

"It is fantastic that Visa has stepped forward and I am confident that this extra funding - building on the unprecedented levels of public funding for our athletes - will help our Olympic and Paralympic teams deliver even more medals in London."