The Canadian Olympic Committee said today it will put $37 million over the next four years into high-performance sport and the Own the Podium program.

COC president Marcel Aubut made the announcement Thursday at the Air Canada Centre in Toronto.

"Today is about excellence and partnership in high-performance sport," Aubut said. "We know it takes a village to raise a champion, and I would like to thank our partners for the outstanding support we receive from them every day."

The $37 million injection is up from the $25 million the COC invested between 2009 and 2012.

Bal Gosal, Canada's minister of state for sport, joined Aubut in announcing a funding budget to develop Olympics-ready Canadian athletes.

Marcel Aubut

Canadian Olympic Committee president Marcel Aubut has announced a $37 million budget for Canada's Own the Podium project, aimed at developing medal-winning Olympic athletes. (CBC)