Sports minister warns the two governing bodies that they will face financial   penalties because of the alarming slide in participation since London 2012.

Football and cricket were warned on Thursday night that their governing bodies   are likely to be the next to lose millions in public money after Sport   England got “tough” on the alarming decline in participation since the   Olympics.

New sports minister Helen Grant also vowed to clamp down on those who saw cash   they received from the exchequer and National Lottery as a “gravy train”    following the latest round of funding decisions by the grassroots watchdog.

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