FEARS have been expressed over the North-East’s ability to benefit from the 2012 Olympics in London following the announcement of a range of budget cuts by regional development agency One North East.

One North East had originally committed £75,000 of investment to the “development of the region’s capacity to benefit from the London 2012 Olympic and Paralympic Games.” In particular, the fund was designed to encourage overseas Olympic authorities to host pre-Games training camps in the North-East.

However, hidden away in a range of cuts confirmed by One North East this week was confirmation that the sum had been almost halved to £40,000.

As a result, a number of planned schemes and initiatives will now have to be scrapped or scaled back, reducing the region’s ability to make the most of the London Games.

At this stage, it is not thought that any pre-existing training camp agreements will be scuppered, with the Colombian Olympic Association having agreed to base itself at Durham University.

But further link-ups are now less likely and some promotional initiatives connected to training camps are unlikely to go ahead.

One North East have also scrapped a proposed £20,000 investment intended to aid the creation of a new white-water canoeing course at the Tees Barrage.

FORMER Newcastle United winger Keith Gillespie has been declared bankrupt.

A bankruptcy order was made against the player following a petition by HM Revenue and Customs lodged at Belfast High Court.

The 35-year-old, who is alleged to have lost £65,000 in a three-day gambling spree during his time on Tyneside, left Irish side Glentoran in June after failing to agree terms.

A High Court document revealed the decision to declare the player bankrupt was taken on the basis of evidence from a solicitor acting for HM Revenue and Customs. The Official Receiver has been appointed manager of Gillespie’s estate.

WITH Sheffield Wednesday in dire financial trouble, it looks increasingly likely that Chris Turner, a former manager and player, will be a key figure in the club’s rescue.

Turner, as reported here on a number of occasions, was close to arranging a major £10m investment into Hartlepool United, only for the proposal to collapse at the 11th hour.

As a result, the company interested in getting heavily involved in Hartlepool have turned their attention to Hillsborough, with Turner a major player in the talks.

This week, a £600,000 agreement to pay off Sheffield Wednesday’s tax bill was agreed after Her Majesty’s Revenue and Customs served a second winding-up petition.

A Wednesday spokesman said: “We have a lead potential investor and talks are ongoing with a Norwegian oilfield company.”

Reports have claimed the company is Pools owner IOR, or another associate company of IOR owner Berge Larsen.

However, the Insider can reveal the company involved is Certified Oilfield Rentals (COR), described on their website as “a global leader in the rental of oilfield equipment, supplies and services.”

They have a head office in Dubai and have been sponsors and guests of Pools in recent years.

Their website also states: “We are proud to be affiliated with Hartlepool United Football Club (HUFC), located on the North East coast of England.

Hartlepool United have gone from strength to strength in the English football leagues, and have benefited from the support of COR.”

It remains to be seen if they continue to have any involvement at Victoria Park, although a link to the club’s official website remains on the COR site.

IT is rare that supporters of Newcastle United and Sunderland agree on anything, but there has been a unified outcry following the shifting of the Tyne-Wear derby at St James’ Park on October 31.

When Sky Television announced their fixture list in August, the game was listed as a 4pm kick off.

Despite Northumbria Police having a long-standing mistrust of games between Newcastle and Sunderland, the fixture remained unchanged for the best part of two months. As a result, supporters from both clubs arranged travel plans premised upon a 4pm kick off.

On Thursday, however, the game was brought forward to 1.30pm on police advice.

Quite why the change wasn’t confirmed months ago is unknown.