The Ölli Memorial Fund is created in memory of basketball player Örlygur Aron Sturluson (Ölli). The purpose of the fund is to help children in need in Iceland to practice sports but studies show a strong connection between families' financial situation and children's involvement in sports. The fund typically covers training costs, sporting equipment and sportswear and travel costs for training camps or tournaments, both locally and abroad. Ölli is one of the most talented basketball players in Iceland's history. He started playing in the big league in 1997, only 16 years old, and quickly became one of the best players in the league. He played for the national team and at the beginning of year 2000 he was picked first for the Icelandic All Star Game. On January 16th, the day after the game, Ölli died.