By Zjan Shirinian

Great Britain's hopes of qualifying for the Rio 2016 Olympics have been dented by UK Sport's funding withdrawal ©Getty ImagesApril 16 - British Basketball will not make a formal appeal against the decision by UK Sport to axe its entire funding, signalling an end to its two-month campaign.

The funding body announced in February that £7 million ($11.5 million/€8.5 million) to help the sport on the road to Rio 2016 would be withdrawn.

Last month, British Basketball lost an appeal to the UK Sport Board, after making representations urging the money be reinstated.

That decision left a formal appeal to the Sports Dispute Resolution Panel - on the basis of technicalities with the process - the only option left.

But success with such an appeal is thought to be "unlikely" and costly.

Last month's appeal by British Basketball to have its funding restored for Rio 2016 was thrown out by UK Sport ©Getty ImagesLast month's appeal by British Basketball to have its funding restored for Rio 2016 was thrown out by UK Sport ©Getty Images

"It has been acknowledged that basketball and other team sports have a crucial role to play at grass roots level," said British Basketball performance chairman Roger Moreland.

"Their profile means they also have an important role to play in providing opportunities for people from diverse communities to reach their potential and excel.

"It is, therefore, not the winning of an appeal that is important; it is the securing of a lasting solution to the team sport issue from grass roots to international level that would represent the most significant change.

"That has been done elsewhere in the world and it can be done in Great Britain.

"It will take leadership at a political level to achieve this.

"Only then will we truly be providing inspiration for all our young people no matter what their background is."

British Basketball had sought legal advice on its case, and the cost of such appeal was put alongside the organisation's commitment to enter national teams into European Championships, a spokesman said.

UK Sport axed funding for seven sports in February, with only weightlifting winning its appeal last month.

Synchronised swimming, water polo, visually impaired football, goalball and wheelchair fencing also had their funding withdrawn.