Basketball has been confirmed as one of seven sports that has had its Olympic funding cut by UK Sport.
Weightlifting, synchronised swimming, water polo, beach volleyball, boxing and fencing are the other disciplines that have had their money slashed.
A statement on UK Sport's official website read: "Seven sports have had funding withdrawn and reinvested in other programmes after failing to demonstrate realistic medal potential by Tokyo 2020."
Meanwhile, rowing will receive £32.6m, while cycling (£30.5m), athletics (£26.8m), sailing (£25.5m), swimming (£20.7m) and canoeing (£20m) have all been handed a financial boost.
