It's reported these elite sports have £350m for the 2013-17 period of funding. I feel it is a good spend if it inspires people to get out and try something themselves.
Paying for Laura Trott et al to train full-time may or may not be good value for money, it depends on whether you think Olympic medals are worth state funding.
But let's not insult our intelligence by claiming the Lottery paying for Trott and Kenny to train full time is worth it because of "legacy" or "inspiration". It isn't. It's about national pride. Whether that's worth paying for is a matter of opinion.
Mo Farah running fast isn't going to get someone out to do a sofa-to-5k. And, even if he does, the fact he's British won't make much difference. People are just as inspired by, say, Usain Bolt, and we didn't have to pay a penny for him. The joy of the Olympics is that there'll always be a gold medal winner. Their nationality is just about national pride, which is very different to inspiration.
My view is that it is a waste of money. £350m is a lot of money, money which could be spent on safeguarding council leisure facilities. I took my daughter swimming this last weekend and it cost me £11. The pool where Newcastle swimming club trained closed down a few years ago, and is now standing derelict in the city centre.
That is the biggest hindrance to sports participation, not how many gold baubles the Olympians win.