The money is coming from the Inspired Facilities Olympic legacy fund and at least 70% of it will go to community and voluntary organisations, through grants of between £20,000 and £50,000.
Some of the money has already been set aside to help revitalise a sailing club and swimming pool in the area.
£50,000 will go to Pentewan Sands Sailing Club in Pentewan, Cornwall, to redevelop its clubhouse and provide new changing facilities and equipment storage accessible to disabled and non-disabled users.
£150,000 will be used to help reinforce the roof of Torquay Community Swimming Pool and to install more fuel-efficient ventilation and heating systems to make the pool cheaper to run.
46 community sports projects have been chosen in the South West to benefit from the £2.47 million pound legacy which is part of the Places People Play programme run by Sport England. Grants have also been offered to convert buildings into sports venues and to allow local clubs to buy the facilities they use.
Callington Community College will also benefit from £5,000 in new sports equipment. The money is to benefit disadvantaged young people and comes from Thomas Cook's Children's Charity which is partnered with Sport England and Inspired Facilities.
South West sports clubs will be able to bid for the next round of funding from Sport England between 23rd July and 17th September. An extra £10 million will be available via Lottery investment as part of the Inspired Facilities programme.