British Olympic Association (BOA) Chairman Colin Moynihan today made the below announcement in a letter to the BOA Board, the National Olympic Committee and the BOA Advisory Board.
"To Members of the BOA Executive Board, NOC and BOA Advisory Board
"Firstly, I want to congratulate you all on a magnificent Olympic Games and to thank you for all that you have done to ensure their success. The last two weeks have united and inspired the whole country and have surpassed all expectations. I am enormously proud to be able to say that with your help, Team GB has not only succeeded at London 2012, it has excelled.
"The years of hard work and preparation undertaken by everyone at the BOA have paid historic dividends through the delivery of so many outstanding personal bests by our athletes. After their incredible performances, securing an historic third place for Team GB in the medal table, the 541 athletes of Team GB truly deserve to be called our 'greatest team ever'.
"The Prime Minister's announcement that funding for our Olympic athletes is now guaranteed for the next four years in the run-up to Rio represents the successful culmination of our campaign for secured lottery funding. It means that our athletes' success in Beijing 2008, now built on and furthered during London 2012, can be carried forward with renewed confidence in Rio 2016.
"As a result of the success of Team GB, the reputation of the BOA, its staff and volunteers, is rightly at an all-time high. We now have a unique opportunity to capitalise on this success and to build a stronger and even more victorious team in the future.
"Over the last seven years, the BOA has striven to become a modern, accountable, performance-driven, highly professional, athlete-centric organisation, of which we can all be extremely proud.
"On a year-by year basis, the athletes have been increasingly supportive of the backing they have received from the BOA Performance Teams in the Olympic Villages and at the venues. Put simply: this was a job outstandingly well done by everyone who works at the BOA, the Governing Bodies and the volunteers who joined the BOA team in the run-up to the Games and I am exceptionally grateful to you all.
"Yesterday we held our final press conference of London 2012. It provided an opportunity to look back over the past two weeks and to reflect both on the amazing performances by our athletes and on the many extraordinary and inspirational moments of the Games, in which Olympic values were personified: through great sportsmanship, great courage, great compassion, and through unprecedented levels of public support and participation.
"Today the press will be looking forward to what lies beyond the Games: to the UK's sporting future and the delivery of a real London 2012 sports legacy. In this context of looking forward, I will let them know that I intend to hand on the baton smoothly and securely to a successor Chair who, once elected, will work with Andy and the Board to set the strategy for the next quad and appoint the management team to take us forward to Rio.
"I have given this a great deal of thought and I strongly believe that this is the right time: a new Chair must have the opportunity to play a central role in the future strategy and direction of the BOA henceforth, and he or she must be integrally involved in the preparations for Sochi which, after all, is only just over eighteen months away.
"It is for this reason that I have made my decision now on the timing of the election, to ensure as long a period as possible for my successor to become established in the role, ahead of the next Games.
"At the same time, I will be stepping down as Chair of British Ski & Snowboard, the Governing Body responsible for over 50% of the medals available at the Winter Olympic Games. BSS has been transformed since the dark days of the collapse of its previous Governing Body into administration on the very eve of the Vancouver Games.
"With a new constitution, full and equal representation for all the FIS disciplines, a strong, united Board and an excellent Performance Director, backed by over £2 million raised in private sector sponsorship and donations, the BSS is now totally focused on performance with its first tranche of UK Sport funding to the value of £148,000 and a performance pathway in place for all athletes - children, junior and senior alike.
"I believe we are now very well placed to develop some outstanding podium prospects for Sochi and beyond. I will be working with the BOA Board to ensure a seamless and efficient handover to my successor, after which I will return to the business world, focusing in particular on the energy sector.
"I will continue to support the Government in the House of Lords and, as we face the challenge of how to harness the enormous public enthusiasm and momentum generated by these Games to the goal of delivering a genuine sports legacy for both Olympic and Paralympic sport, as well as non-Olympic sport and recreation, I will take every opportunity to campaign for the interests of our athletes across the spectrum, from school sport to high performance programmes.
"I believe that we need to review and where relevant re-think government sports policy in order to translate the inspirational effect of the Games directly into participation; and the new requirement for primary schools to provide competitive sport is a step in the right direction.
"We have certainly raised the bar by hosting these Games and now we must focus on leaving a lasting sports legacy for generations to come. The appointment of Seb Coe as an Ambassador in this context is hugely important.
"His reputation, experience and expertise will help design and implement a sports legacy from the Games of which the country can be proud. The BOA has a vital role to play in achieving this objective as well and I am confident that the face of British sport at all levels can be transformed as a result of these Games and that the future for sport in this country is potentially very bright indeed.
"I want to close by saying that it has been a tremendous honour for me to have chaired the BOA during this unique and very special, once in a lifetime, period of preparing for and hosting a Home Games.
"I have been proud and privileged to work alongside all of you and to share this journey with you to the destination of a remarkable and historic third Olympic Games in London. Above all, I am pleased that the athletes are now totally central to everything we do.
"The role I have played in the success of Team GB and in witnessing the creation of sporting history will remain one of the greatest experiences of my life, as I am sure it will of yours.
"My deepest thanks go to you for all the support you have given me over the last seven years and once again - many, many congratulations on a truly phenomenal and fantastic achievement. Wishing you every success in the future."