A year on from the Olympic summer of 2012, the number of sports clubs and facilities entering formal insolvency procedures has fallen by a third according to research by R3, the insolvency trade body.

Its analysis shows insolvency levels for sports clubs and facilities down by 33%, from 123 in 2011-12 to 82 in 2012-13. In comparison, the total number of UK corporate insolvencies decreased by just 12% over a similar period.

R3 president Liz Bingham said: 'Regular British sporting success, as well as the feel-good glow of the Olympics, may well have encouraged both children and adults to try new sports, join local teams, or keep on going with their gym membership. It would certainly be a positive Olympic legacy if any burst of grassroots interest in sport were to be sustained and translated into financially healthier sports clubs and facilities.'

The research, compiled by R3 using Bureau van Dijk's 'Fame' database of company information, also shows that sports-related insolvencies are now 42% lower than they were five years ago when the UK entered recession.

However, there have been a number of high-profile financial failures amongst top level football clubs this year, and golf clubs, snooker halls, local stables, motor-racing clubs, tennis clubs, and gyms all feature on the insolvency list. R3 cautions that despite the fall in sporting corporate failures, many sports clubs and facilities are still financially hard-pushed.

Bingham said: 'Since the recession, many people will have cut back on discretionary spending like club memberships or trips to the gym. Sports facilities, gyms, and clubs are also vulnerable to seasonal changes in weather or lengthy gaps between playing seasons, which can make cash flow tricky to manage. Expensive space requirements, high insurance costs, and finance requirements for new equipment quickly add up too.'