Peter Waterfield may have to quit as Tom Daley's diving partner because of UK Sport funding cut If I don't find another source of funding, not only will it be my career that's lost but my house and me and my wife and kids would be homeless. British Swimming's funding was cut last month after failing to hit their Olympic targets, although diving was handed a £1 million boost. Despite that Waterfield, who apologised to Daley after his mistake at the Olympics cost the duo a medal, has been left out in the cold. An emotional Waterfield revealed it was his coach, rather than British Swimming, who informed him of the decision. "I spoke to my coach and she said that she had found out from my performance director yesterday that my funding would be completely cut in April," he said. I think there is too many people [at British Swimming] earning too much money who can't do their jobs properly. That's how I see it. Waterfield has yet to speak to Daley whose chances of a medal, at the World Championships at least, appear to have now been halved with no obvious replacement in the British team. Tom and I only dived together for two years up to London 2012 and we were just starting to pick up medals in major competitions. We missed out in London but I thought by Rio we'd have the experience behind us to go and pick up that medal. British Diving released a statement to Press Association Sport this afternoon which claimed Waterfield's coach had been informed last December that the veteran - who will be 35 at the next Olympics in Rio - could lose his funding. "British Diving has been working closely with UK Sport, divers and coaches regarding funding and after planning meetings with UK Sport some athletes were identified that could lose their funding in the new funding cycle," the statement read. Peter Waterfield was identified as one of these athletes based on potential for success at the Rio Olympics. Evangulov admitted the decision was a difficult to make, but reiterated the guidelines of the UK Sport funding meant money had to be focused on athletes most likely to appear in Rio.