A story on BikeBiz.com has highlighted we are on our way to being one of the richest sports in the country.

Cycling has been rewarded with a 22 percent boost in Olympic funding through to 2009 and the run-up to the London Olympics in 2012. Boxing also did well in the announcement from UK Sport – funding increased by 337 per cent – but sports such as athletics, which did badly ay the Commonwealth Games, get smaller boosts. Athletics was given a seven per cent rise in funding.

Earlier today UK Sport awarded an extra £65.3m to Olympic and Paralympic events. UK Sport is the government agency responsible for “maximising British success in the Olympic and Paralympic Games through investing in, and supporting, our most talented athletes.” It was established in 1997.

The extra funding was announced in Chancellor Gordon Brown’s budget statement last month but no breakdown was given. The total government funding for cycle sport 2006-09 is £17,494,000. During the same time, athletics will get £20,378,000.

So enough cash for another Velodrome, or two, then.