Water polo's funding for London will be half of that for the Beijing games
Leeds Sharks water polo club chairman Jim Roxburgh believes the sport is in danger of dying out in Great Britain.
Funding was cut last year by nearly 75% forcing some players out of the game and raising the prospect of Team GB not fielding a team in the 2012 Olympics.
"The GB team have had their budget slashed from over £3m to £900,000," Roxburgh told BBC Radio Leeds.
"If we don't take part in these Olympics I think a lot of the sport will be dead."
He added: "If we can be in the London Olympics and the sport be seen and the funding carry on after, I think we've got a good possibility of doing very well in the subsequent Games."
Great Britain have previously won four gold medals in water polo but the last success was in 1920 and the country has not entered a team since the 1956 Games in Melbourne.
A lot of promise, a lot of potential but it could all be wasted if there's no money there
Jim Roxburgh
The future of the sport at an international level in Great Britain is now in doubt and also youngsters getting into the game are compromised by the lack of funding meaning home grown talent may never get the chance to shine.
Roxburgh added: "The younger age groups of the GB teams are performing at high standards, much higher than they have done for a number of years.
"But all of that is in question if you don't have the funding and that's the situation at the moment.
"A lot of promise, a lot of potential but it could all be wasted if there's no money there."
Currently the women's more successful programme has been prioritized over the men's as British Swimming looks to axe one of the teams in light of the funding cutbacks.
However, the world governing body Fina will need to establish whether their performances are at an international standard despite having an invite to the 2012 Olympics as hosts.
Anna Sutcliffe, who plays for the City Of Leeds youth team and also the GB youth team, expressed her disappointment.
"Bearing in mind they've cancelled all the funding obviously it's a bit iffy as to whether or not we're going to get there or not so it'd be really upsetting if we didn't because everyone's worked so hard for it."
Shaun Greatorex, who plays for the GB junior men, thinks the level of personal investment being made by the players is not being matched.
"I've had to pay £600 to play for Great Britain and that's along with another 25 lads so when you think about it it's a fair bit of money going in so it's not really the ideal situation."
Fundraising for the sport on all levels is currently ongoing and people can help by visiting the Friends Of Water Polo website.
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