Sport England, the Government agency responsible for sport in the community, will deliver the scheme along with the British Olympic Association and British Paralympic Association.
Sport England was hit with a 30% funding cut last month as part of the government’s spending review.
The plans around the 2012 London games were unveiled by minister for sport and the Olympics, Hugh Robertson, and Sport England. The funding comes from National Lottery money.
The initiative has been titled ‘Places People Play’ and its basic premise is to get more people involved in sport in communities across the country.
The money will be used for upgrading up to a thousand local sports clubs and facilities and improving hundreds of playing fields across the country.
It is unclear if the scheme will involve major commercial partners or not.
Robertson said: "This is the cornerstone of a grassroots legacy from hosting the Olympic and Paralympic Games, because it delivers on the bid pledge of enabling more people of all ages and abilities to play sport."
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