Current and former Youth Games competitors including Olympic athletes Richard Kruse (fencing) and Zoe Smith (weightlifting).

The London Youth Games could be in line for £750,000 over the next three years as part of the Olympics legacy.

London Councils, the body representing all 33 local authorities, wants each town hall to pay £7,200 a year from 2013 until 2016 to support the Youth Games.

The authorities already provide funding and staff to organise their own borough teams that take part.

Around 80,000 youngsters were in this year’s Youth Games which concluded on July 1, an all-time record since the annual event was first staged in 1977.

Team GB in the 2012 Olympics includes 40 sports figures who have taken part in the Youth Games in the past, including athlete Mo Farah, cyclist Bradley Wiggins and wheelchair racer David Weir, as well as stars like Rio Ferdinand and Linford Christie.

Every £1 that local authorities put in the kitty attracts £3 from businesses. The event could now be in line for an annual £237,000 deal until 2016 if London Councils’ proposal is agreed at the Youth Games AGM later this year.