Croydon is coming last in the race to secure millions of pounds of Olympic cash ahead of the London games in 2012.

Up to £240m worth of Olympic contracts are estimated to have been awarded to businesses nationwide, with one in three going to firms signed up to the Government’s CompeteFor network.

However, a mere £70,000 has found its way to Croydon through CompeteFor, despite more than 860 of the borough’s firms entering the special scheme.

National teams are also staying away from Croydon, with South Africa’s decision to base its squad in Teddington during the games the only success so far for Go South Go, the body charged with attracting competitors to south west London.

The National Sports Centre indoor arena and aquatics centre in Crystal Palace has already been overlooked as a venue for the games, after being superseded by specially-designed buildings in east London.

And the council’s biggest Olympic announcement to date was last week’s unveiling of a commemorative pin badge featuring Croydon Clocktower.

Croydon taxpayers are shelling out almost £3m a year in council tax to help fund the games and deserve to be rewarded for their outlay, the council’s lead member for economic development has said.

Steve O’Connell, who is also the London Assembly member for Croydon and Sutton, said he would take the issue to Mayor Boris Johnson to get a better deal for the boroughs.

He said: “I just don’t see the benefit for us in Croydon and Sutton.

"I’m not happy about it. I think we should at least get some sort of ticket availability.”

About £1.7bn of contracts were still up for grabs, but Croydon Labour leader Tony Newman said the controlling Conservatives needed to start “batting for Croydon” to make sure the borough does not miss out.

He said: “Croydon deserves better and the Tory council must raise its game and ensure we get some of the Olympic action.

“People want more than just a pin badge, and Croydon taxpayers’ money counts as much as anyone else in London.

“In the race for Olympic cash, Croydon’s Tory council are currently coming last.”

A spokesman for Croydon Council said: “The 38p contribution goes largely towards the major infrastructure work that is essential to make the games happen.

“This cost is shared across London in the same way that the cost of, say, building Thornton Heath Leisure Centre was spread across the whole of Croydon.

“The huge investment in the games is however, guaranteed to boost the economy of the capital as a whole, and there will certainly be Croydon residents and businesses that benefit from this.”