Markets 
The federal government said Monday that it will provide additional funding for Canadian athletes and invest in sport facility upgrades, after Canada saw its weakest Olympic medal performance in nearly four decades.
Secretary of State for Sport Adam van Koeverden made the funding announcement at Calgary’s Olympic Oval speedskating facility, which will get $52 million for upgrades equally split between the federal and Alberta governments.
Other ski racing and snowboard facilities in Alberta, including the Winsport Canada Olympic Park halfpipe in Calgary and the Nakiska National Ski Cross Training Centre in Kananaskis, will also receive funding from the $33.6-million total federal investment from the Build Communities Strong Fund.
Van Koeverden also announced a $3-million top-up to the Athletic Assistance Program, which provides Canada’s high-performance athletes monthly cheques to help pay their bills. The new funding will bring the program’s yearly total to $43 million.
“This is a good era of Canadian sport, because we’re making the largest investments our country has ever seen in sport, from the playground to the podium,” he said.
Get daily National news
Get daily Canada news delivered to your inbox so you’ll never miss the day’s top stories.
Team Canada earned 21 medals at this year’s Winter Olympics in Italy, but missed the medal table’s top 10 for the first time since the 1988 Games in Calgary.
That year was also the last time Canada took more than a week to earn a gold medal. Freestyle skier Mikael Kingsbury earned Canada’s first gold of the Milan and Cortina Games on the ninth day of competition.
Following that performance and a plea for more funding from the Canadian Olympic Committee, Ottawa set aside $660 million over the next five years for national sport organizations in the spring economic update, as well as $110 million annually after that.
Olympic and Paralympic athletes each currently receive about $2,175 monthly through the Athlete Assistance Program, or “carding.” The new top-up announced Monday will increase that monthly allotment to $2,300, a government statement said.
More than 1,900 athletes in more than 90 sport disciplines are approved for AAP support annually. Ottawa said Monday that 30 more cards would be granted to athletes competing in new sports at upcoming Olympic and Paralympic Games.
The Olympic Oval was built for the 1988 Games and its ice-making capability is nearing the end of its life due to brine leaks from the aging underground pipes, local officials said Monday.
It is also the oldest among Canada’s three skating ovals, with newer facilities opened in B.C. and Quebec in 2010 and 2021, respectively.
Read the full article here
