The money is effectively an extension of a scheme put in place back in November called the Sport Winter Survival Package, which also saw £300m of Government cash invested.
The drive is primarily designed as a way to help professional clubs and sporting bodies who have seen their financial plans ripped up during the pandemic, with fans barred from stadiums.
The money will be allocated through an independent board led by Sir Ian Cheshire, the former chairman of Barclays Bank.
Sports whose seasons take place over summer time, such as cricket and tennis, were largely overlooked for more urgent needs in the Winter funding package but are now expected to be at the front of the queue.
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