Today, UK Sport chair Katherine Grainger and chief executive Sally Munday spoke about the changes to funding with the press, with Grainger stating there was "genuine optimism" regarding the support given over the next Olympic cycle.

Munday pledged that any funding given to sports already funded by UK Sport would not face financial disruption heading into Tokyo 2020.

"Every Olympic and Paralympic sport currently supported will have access to their existing level of funding in order to deliver in Tokyo," stated Munday.

"These are tough times with the financial envelope that is given to us. 

"What I feel confident about is that we've made a good set of decisions that lets athletes prepare for Tokyo without distraction."

Tokyo 2020 was postponed to 2021 due to the COVID-19 pandemic, with the virus hitting sporting organisations hard financially, resulting in budget cuts and losses across the sector.

The new budget for the Paris 2024 cycle was also released, with some sports facing a cut to their budgets despite a small increase in funding.

Due to the pandemic, UK Sport's funding only increased from £345 million ($466 million/€380 million) covering 32 sports at the start of the Tokyo 2020 Olympic and Paralympic cycle, to £352 million ($475 million/€388 million) covering 43 sports at the start of the Paris cycle.

The number of sports on the World Class Programme has also increased to 36.

However, with the introduction of new sports and the financial constraints caused by the pandemic, a number of sports will face provisional cuts to their budget for Paris 2024.

These include some of Britain's most successful sports such as athletics, swimming, canoeing and rowing.

Cycling has received a funding boost, with Munday explaining that this was due to large cuts to the money they self-funded.

Archery, badminton and diving were among those that will also see increases in Olympic funding. 

In total, 14 Olympic sports currently funded for Tokyo 2020 have received cuts for Paris, while four will see increases.

On the Paralympic programmes, most sports received a funding boost while wheelchair rugby will receive funds that were not available for Tokyo 2020.

The likes of Para-archery and visually-impaired judo have had cuts to their budgets.

A total of 12 sports received an increase in funding while six suffered budget cuts.

Munday, speaking to insidethegames, explained the boost for Paralympic sports compared to their Olympic counterparts.

"We do a huge amount of modelling and we have a lot of different information that goes into the decision-making, so we look at who has got potential for the future, we look at the cost of those programmes put around them and a lot more to decide how much money that sport gets."

Basketball, sport climbing, fencing, skateboarding, surfing, table tennis and weightlifting will be part of the Paris Progression Funding Award. 

Munday stated that these sports would receive funding due to their potential to increase participation across the United Kingdom.

She explained to insidethegames that these sports were selected based on the programmes currently put in place, the potential of athletes in the sport over the next two to three Olympic cycles as well as thinking strategically about how these sports could reach more people.

"Skateboarding and basketball are sports that are going to reach communities that we have not reached previously and that is what we're excited about - we can develop interest in Olympic and Paralympic sports movement with a breadth of new people from a wider part of society."

Another £3 million ($4.04 million/€3.31 million) fund is set to open in 2021 too to support sports that did not secure Progression investment with the costs of forming and fielding national squads.

New Paris 2024 sport, breaking, did not request funding from UK Sport, but Munday stated that it was expected that they would receive some form of funding if required.

Grainger called the new budget an "economic reality" caused by the COVID-19 pandemic, but also stressed that this new budget came at a time where UK Sport were making integrity paramount to how Britain won medals.

These comments come in the wake of an alleged abuse scandal in British Gymnastics, which led to one of the nation's most promising athletes, Amy Tinkler, to retire from the sport at just 20 years old.

Cyclist Callum Skinner has also raised complaints over how British Cycling assessed performance, which led him to retire.

Munday explained this change in attitude during the video conference.

"It will still be about winning, but it will be about how we win on the sporting stage, upholding the highest standards of integrity," added Munday.

"There is simply no place in our sporting family for anyone who doesn't want to play by our standards and ethics."

Munday also announced that in 2021, there will be a new integrity strategy where any issues about the ethics of performance would be outlined, with framework potentially following in the future.

"There is no room for people who don't want to do this the right way," added Munday.

"Bad people will want to infiltrate our system and we want to make it clear that they are not welcome in our system."

She also stressed that sports who do not abide by these ethics could have funding stripped.

Although most Olympic sports have suffered budget cuts for Paris 2024 with Munday stating that they were still "some way off" having the funding needed to maximise every sport's potential - she mentioned that UK Sport would reopen discussions with the UK Government in the autumn of 2021 regarding a further increase in funding.