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Saturday November 24, 2012

Australian tycoon puts A$10mil in pool for 2016

SYDNEY: Australian mining billionaire Gina Rinehart Friday said she would splash out A$10mil (US$10.4mil) to support the country’s leading swimmers, who are reeling from a poor Olympic campaign.

The announcement by Rinehart’s Georgina Hope Foundation comes a day after Swimming Australia chief Kevin Neil quit his post in the wake of the team’s disappointing showing in London - it’s worst Olympic meet in two decades.

“The foundation will focus on providing subsistence funding, squad funding, scholarship funding and performance funding,” foundation chairman Rinehart said in a statement issued by Swimming Australia. — AFP

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