Great Britain's ski team goes broke but will still go to Vancouver

Of all the times for a country's ski federation to go bankrupt, one week before the Olympics begin must be among the worst. But that's exactly what's happening to the British ski and snowboard federation.

Just days before the Vancouver games start, the British Olympic Association has announced that the supporting body for their 14 ski and snow athletes, Snowsport GB, has declared bankrupty. A contigency plan has been put in place to ensure that those 14 competitors will be able to be a part of this year's Olympics. The plan is to instate a currently dormant company, Team GB Ltd, to serve as the national governing body for ski and snowboarding.

The move isn't terribly surprising as just last month Snowsport GB was unable to afford accomodations or ski passes for athletes in training. Needing $326,000 by the end of January to avoid bankruptcy proved too much for the struggling federation.

There is good news though. First, Britain's skiers and snowboarders have been assured that they will be able to compete in Vancouver after the International Ski Federation approved the BOA's contingency plan. Second, the country's men's curling team, who is expected to contend for a medal, was in no way affected by this news. Phew.