The launch of the 100m fund had been expected this summer, but has been rescheduled. It will now be launched in two stages in December 2007 and April 2008.
In a statement the lottery distributor said the scale of its awards would not be affected by the 2012 Olympics, but that it has had to "re-profile" its grants to manage cash flow.
News of the delay emerged following a parliamentary debate on the impact of the Olympics on lottery funding.
Paul Holmes, the Liberal Democrat MP for Chesterfield, said other youth funds are also affected. "The diversion of 90m from the Heritage Lottery Fund is the equivalent to wiping out four years' worth of spending," he said.
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