Sutton is missing out on millions of pounds of Olympic cash ahead of the London Games in 2012.

Up to £240m 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.

But only £150,000 to £250,000 has found its way to Sutton through CompeteFor, despite more than 396 of the borough’s firms entering the scheme.

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

Sutton taxpayers will shell out an estimated £18m to the Olympics fund by 2016 with band D council taxpayers paying 38p per week for nine years.

But residents will have to fork out another £6 if they want to buy a badge featuring the Sutton landmark.

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

He said: “I can see very little benefit for Sutton and Croydon.

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

Paralympic gold medallist David Weir, who lives in Sutton, said: “It's a bit degrading if we’re only going to get a pin badge and other boroughs are getting new facilities.”

Leader of Sutton Council's Conservative opposition, Coun Paul Scully, said: “Rather than having the opportunity to buy pin badges, I would have preferred the Liberal Democrat Council to have negotiated some free tickets for school children to this once-in-a-generation opportunity.”

Executive member for leisure and libraries Coun Graham Tope said the council set up the Sutton Olympic and Paralympic Forum in 2005 to “make sure that our residents and businesses gain maximum benefit from the London Olympics in 2012”.

He said: “It has an exciting programme of activities from now until the Games, ranging from the forthcoming 1948 Exhibition, creative arts awards with medals designed and produced by local young people, backing local young sports people, to helping local businesses win some of the contracts.”

Only one Sutton company, which cannot be named, has won ten Olympic contracts.

Seventy-thousand pounds has found its way to Croydon through CompeteFor, despite more than 860 of the borough’s firms entering the scheme.

About £1.7bn of contracts are still up for grabs.