Britain's Olympic athletes hit their pre-Games target of 12 gold medals a week early today but still face funding cuts when they return from Beijing.

On the day the indoor track cycling team added to their medal blitz by winning the men's team pursuit in world record-setting fashion, there was still no guarantee from the Government for the full £600million announced in the March 2006 Budget under a six-year funding package.

As Britain enjoys its best ever Olympics for nearly a century, there remained an £80million hole in the funding plan for London 2012. The financial shortfall threatens the preparations of some top athletes, according to Opposition MPs.

“Gordon Brown led everyone to believe that elite sport was getting an extra £600million but £300million turned out to be from the Lottery and not the government and £100million has yet to materialise two and a half years later,” Hugh Robertson, shadow sports minister, said.

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“It is vital that UK Sport gets that money now or elite programmes will be cut in the run up to London 2012 and that makes no sense.” UK Sport has received private assurances from ministers that the first tranche of £20million will be underwritten by the Government. More than £18million of the promised money has already been allocated, according to sources.

However, the agency, which distributes Lottery grants to Olympic athletes, needs to know before its October board meeting whether the balance of £80million will be forthcoming so it can plan for 2012.

It will then allocate four-year budgets to each of the 26 sports expected to be represented at the London Games.

The Department of Culture, Media and Sport has appointed Fast Track, the marketing agency run by former Olympian Alan Pascoe, to raise the missing £80 million from the private sector. There is thought to be confidence that the cash will come from companies keen to associate themselves with the success of the Great Britain team after Beijing. It is understood two potential sponsors have already emerged.

However, industry experts have pointed to the strain on the market caused by the credit crunch and the competition for marketing budgets from London 2012, which is targeting £650million in sponsorship.

Britain has already exceeded the 11 gold medals won in Sydney and is almost certain to finish above eighth place in the medals table - the target set by UK Sport on the basis of a 35-medal haul.

A further three gold medals are possible this week in the velodrome as British cycling aims for eight gold medals out of 10 events. In the Bird's Nest stadium, there are hopes in the form of Philips Idowu, who has qualified for the triple jump final, and Christine Ohuruogu in the 400 metres. Tim Brabants, who won bronze in Sydney, is a good medal prospect in the flatwater canoeing event after cruising to the final in the fastest qualifying time.

The key to success in London 2012, where the aim is fourth place, will depend on Britain's ability to develop top talent outside the three sports - sailing, cycling and rowing - in which it has become so dominant.

But sports in which Britain has consistently underperformed face cuts, prompting a warning from the British Olympic Association not to make rash decisions about budgets on the results from Beijing.

Sir Clive Woodward, the BOA's director of performance, said: “If a sport is going in the right direction, the wrong response is to cut funding.”