The management of Israel's Olympic committee approved a 12.1 million-shekel budget on Sunday. The lion's share - about seven million shekels - will be earmarked for competitive sports. Another 3.3 million will be spent on activities to promote the Olympic ideal.

About two thirds of the funding will come from the council on sports betting (Toto). The rest will come from donations, sponsorships and the Olympic Experience visitors center in Tel Aviv.