The way the Finnish Olympic Committee is funded is set to change ©Getty Images

The President of the Finnish Olympic Committee has welcomed the prospect of a new funding model which sidesteps lottery income.

A parliamentary monitoring group has finalised a proposal which would create new funding pathways for institutions currently funded by Veikkaus, Finland's state-owned lottery operator and bookmaker.

The Finnish Olympic Committee is among the institutions which receives Veikkaus grants, but this would be replaced by funds allocated in the state budget instead.

This would offer predictability and more stable levels of funding, proponents say, while an advisory board would also be established under the plans to monitor funding for non-profit organisations such as the Finnish Olympic Committee and their activities.

"It is very positive that an agreement was reached widely among all parliamentary parties," Finnish Olympic Committee President Jan Vapaavuori said.

"When the link between gambling activities and beneficiaries such as sports is also broken, the reform will significantly increase the predictability and stability of the system."

The Finnish Olympic Committee nominated 95 athletes to compete at Beijing 2022 ©Getty Images
The Finnish Olympic Committee nominated 95 athletes to compete at Beijing 2022 ©Getty Images

For the period from 2024 to 2026, an additional €990 million (£840 million/$1.13 billion) will be added to the state budget, according to the Finnish Government.

This is based on projected Veikkaus revenues.

Moving forward, Veikkaus revenue would go direct to the state if the cross-party proposal is approved as is expected.

Vapaavuori added that physical activity was "strongly linked to people's health, well-being and ability to function, to the economic sustainability of society, to community, and to experiences and inspiration".

Those benefits - exaggerated by the COVID-19 crisis - should be the starting point for determining the Finnish Olympic Committee's level of funding, according to Vapaavuori.