Mumbai, Mar 15 The cash rich BCCI today said it would officially announce the funding of the five disciplines of the Olympic sports by the end of this month and would restrict its help to only individual sports to start with.

Speaking to PTI, BCCI Chief Administrative Officer (CAO) Prof Ratnakar Shetty said the Cricket Board and the Sport Ministry are in talks and the modalities are being worked to ensure effective disbursement of funds and proper accountability.

"We will be forming a committee to ensure effective disbursement of funds to the federations for the player development and also regarding accountability so that the money is not misused," Shetty said here today.

However, he added at present the Board would not come to the aid of team sports such as hockey or football which are in need of funding but were concentrating only on individual sports at present.

"The Board is very clear about its stand and are keen on the player development for only individual sports." The Board has tied-up with the Sports Ministry to sponsor the development of sports persons in the areas of archery, boxing, judo, swimming and weightlifting.

The Board and the ministry has also set aside Rs 25 crore for each of these sports for identifying talents and medal hopefuls for the Commonwealth Games to be held in New Delhi in 2010 and also for the next Olympics 2012 in London.

Shetty said the number of committee members has not decided but it will contribute in identifying and selecting potential medal prospects. (Agencies)