The changes will also lead to a “one size fits all” approach being replaced by a multilayered funding structure, depending on the scale of each event.

The Post reported in June that sports events chasing government support would face tighter rules, with criteria concerning global relevance, minimum ticket sales and impact being reviewed.

“The maximum funding amount will remain at HK$15 million, and there will be multiple tiers,” the source said. “[The National Sports Associations] can expect a wide range between the floor and the ceiling of the new funding structure. The resources required to host different sports events [at different locations] are quite different.

“With ‘M’ Mark always positioned as a funding system for mega sports events, it will also only sponsor international events from now on, with regional or Asian events no longer eligible.”

Sports events could instead apply for funding under the Leisure and Cultural Services Department’s Major Local International Events scheme if they do not meet the new “M” Mark thresholds.