Funding for Olympic sports has been guaranteed until the 2016 Games in Rio de Janeiro, Prime Minister David Cameron has announced.
UK Sport will receive £125m annually for the next four years to maintain funding at same level as the run-up to London.
The move is "to reward the success of the UK's outstanding elite sport system" following the British team's record-breaking medal success at the London Olympics.
The Prime Minister said: "The motto of these Games has been 'inspire a generation'. Nothing has been more inspirational than seeing our elite athletes win gold this summer.
"There's a direct link between elite success and participation in sport.
"I want one of the legacies of these Games to be our athletes triumphing in Rio in 2016, and in future Olympic Games. Guaranteeing this funding will help ensure that happens."
The biggest chunk of the money comes from the National Lottery, with taxpayers providing £40m.
Until now, UK Sport, the body that distributes cash to Olympic and Paralympic sports as well as providing a number of specialist services, had only been guaranteed funding up until 2014.
A Downing Street statement said: "As an exception, Exchequer funding is now being committed to 2016/17, to give athletes financial certainty in the crucial final two years in the run up to Rio 2016."
Funded British athletes will be asked to offer up to five days a year of their time, free of charge, to take part in campaigns to encourage sport in schools.
UK Sport chair Baroness Sue Campbell said: "The Government's announcement to maintain funding in our high performance system demonstrates vision and commitment."
Labour leader Ed Miliband also welcomed the decision but said sport in Britain's primary schools and communities was also important.
He told BBC Breakfast: "My proposal to David Cameron has been let's get a 10-year plan involving all parties but also involving all our sports people and all governing bodies to work out how we do that."
When asked about government plans to make competitive team sports compulsory for all primary age children, Mr Miliband said more comprehensive action was needed.
He said Labour would make it a requirement that primary school children take part in at least two hours of competitive sports per week.
"Competition is important but the idea we don't have it - I don't recognise that," he added.