OCM president Norza Zakaria said the proposal on the establishment of the fund was unanimously approved during the 213th OCM executive council meeting here today.
Norza said the dedicated fund is envisioned to serve as a long-term investment platform, drawing contributions from the private sector, including corporations, foundations and individual philanthropists, to provide financial assistance to national sports associations, athletes and coaches in their pursuit of sporting excellence.
“We realise that the time has come for all of us … the days of being completely dependent on the government to help national sports are over. We need support from the private sector for this.
“This effort is complementary to whatever the government has done so far through the National Sports Council, with the help of the youth and sports ministry.
“We want to take this to the highest level of the ministry through its minister, Hannah Yeoh,” he told a press conference after the meeting here.
Norza said the fund would be free from any political interference and governed by an independent body representing the OCM as well as individuals from industry. Potential participation by the government will be discussed further.
Norza said government representation is important to oversee the fund’s operations, including the consideration of potential tax incentives for contributors.
Asked about the timeframe for the establishment of the fund, he said it could realistically be in place by the end of the year or, at the latest, by the first quarter of next year.
Meanwhile, Norza said they had also established the Olympic House project steering committee. It will be chaired by OCM secretary-general Nasir Ali, with Squash Racquets Association of Malaysia president Gerard Monteiro as deputy chairman.
He said other committee members included Malaysia National Cycling Federation president Amarjit Singh Gill, Malaysia Lawn Bowls Federation president Awalan Abdul Aziz and Malaysian Chess Federation president Akhramsyah Muammar Ubaidah Sanusi.
Norza said the committee will monitor and ensure the RM93 million project, which will be the new OCM headquarters, is transparently and objectively evaluated. The project is scheduled to be completed by 2028.