Business leader and philanthropist Eion Edgar is giving $1 million to the New Zealand Olympic Committee as he retires from the post of president.
Mr Edgar hopes his donation will encourage others to step up and contribute to the NZOC.
He believes the organisation has the structures and leadership in place to use the income from his donation to undertake initiatives that their normal sources of funding do not allow.
Mr Edgar first became involved with the NZOC in 1997 as a board member. In 2001 he replaced the late John Davies as acting-president before being elected president in 2003.
Millennium Institute chief executive Mike Stanley is to replace Mr Edgar as NZOC president.
