Earlier this month the Brits declared they are targeting Australia and aim to knock us out of 4th place on the overall medal tally.

British Olympic Association Chairman Lord Colin Moynihan claimed he had been inspired by England’s Ashes victory this year.

“To beat the USA, Russia and China (on the medal tally) is unrealistic but to take on Australia on our home turf is something we did effectively in the summer and we believe we can do it again in 2012,” he declared.

Coates fired back challenging Lord Moynihan to bet a bottle of French champagne for every medal Great Britain wins ahead of Australia.

“I’ll give you a bottle of Bollinger for every medal you beat us by and vice versa” Coates wrote.

On present estimates Great Britain is well off the pace. The latest benchmark study shows that if an Olympics was held today Australia would finish in third place with 48 medals and Great Britain lagging in 10th place with just 23 medals.

Twenty-five bottles of Bollinger is not cheap!

AOC