The Korea Sports Promotion Foundation
The Korea Sports Promotion Foundation (formerly known as Seoul Olympic Sports Promotion Foundation), was created to manage and operate the Olympic Games Seoul 1988 surplus of KRW352 billion. Its aim was to support projects related to national sports promotion, sports science research, and youth development; to raise, operate and manage the national sports promotion funds, and to implement projects commemorating the 1988 Games.
The organization is responsible for the management of the Olympic venues in the post-Games phase and continuation of sport projects that were initiated for the Games. For the past 20 years, the foundation has been making efforts to make Korea an advanced sports welfare nation in which its citizens can unite and sustain healthy lives through sport.
Between its establishment in 1989 and 2018, the KSPO invested about KRW 9.2 trillion in promoting and supporting Korea’s elite and recreational sports, sport activities in schools and the sports industry as a whole. It has contributed to the creation of advanced sports infrastructure and the development of the sports industry in the country. It is currently responsible for more than 85 per cent of the Korean sport budget and finances.
The Foundation has raised funds from cycle racing, motorboat racing and Sport Toto, and invested them into enhancing the quality of life of Koreans through sports and fitness programmes.