A key focus for Laureus during 2009 will now be to support the funding and activities of the Laureus Sport for Good Foundation. There has been tremendous growth recently in the Laureus Foundation, despite the economic downturn, and Laureus will ensure that this is not only sustained but also increases in the future.

The winners of this year’s Laureus World Sports Awards will now receive their Awards individually at a series of presentations during May and June.

Edwin Moses, Chairman of the Laureus World Sports Academy, said: “This has been a very difficult decision, but we are painfully aware of the global problems caused by the current economic difficulties. It seemed to us, with so many people suffering, that this was the wrong time to be staging this event. This is the responsible thing to do and we are sure everyone will understand why we are doing this.

“We will monitor the economic situation over the next few months and announce in due course the arrangements for the next Laureus World Sports Awards.

“Our main priority, as always, given the growth over the last few years of the Laureus Sport for Good Foundation, is to continue to ensure that nothing impacts on its work and funding in the future. All our energies and resources will be focused on that goal. This is even more important at a time when charitable donations are declining.”

In 2008 the Laureus Sport for Good Foundation received record funds of almost €8 million to underpin its work, and it now supports almost 70 projects around the world which use sport as the means to help disadvantaged young people.

Richemont and Daimler the joint founders of Laureus, and Global Partner Vodafone, have confirmed their long term commitment to the Laureus World Sports Awards and to the Laureus Sport for Good Foundation.

Guy Sanan, spokesperson of Richemont and Laureus CEO, said: “I am sure that everyone feels now is not the right time for a celebration. However I am happy to say that the Laureus Sport for Good Foundation is currently receiving record funds to support its work even in these difficult times. Over the next 12 months we will be looking especially at new projects in areas where youngsters have been badly hit by unemployment and the economic downturn.”

Anders Jensen, Vice-President Brand Communications Mercedes-Benz Cars, said: “We recognise that the Awards are a key part of Laureus and will remain so. We are also very proud of the successes achieved by the Laureus Sport for Good Foundation in so many countries around the world. This is the most important element of our global corporate social responsibility programme and we look forward to continuing to support Laureus in the future.”

David Wheldon, Global Brand Director of Vodafone, whose agreement as a Global Partner of Laureus runs until 2012, said: "Vodafone is an enthusiastic supporter of the Laureus World Sports Awards and we fully understand this decision in these difficult times. Vodafone is a significant and long-standing supporter of sport sponsorship both at a grass roots and elite level and we look forward to continuing our association with Laureus which does so much good work around the world."