The Government announced in its 2018-19 Budget an allocation of $500 million to the new “Major Sports Events Matching Grant Scheme” to enhance the existing matching grant under the “M” Mark System with a view to encouraging more sponsorship from the business and private sector, and further enhance the existing funding mechanism in order to provide better support. The Finance Committee of the Legislative Council has endorsed the new scheme in January 2019. The new scheme was launched in April 2019.