'Desperate' Michael Diamond to sell his Olympic gold medals

Shooting champion Michael Diamond has made the heart-wrenching decision to sell his two gold Olympic medals to pay his debts.

Unemployed and needing to support three daughters, Diamond says he had no choice but to list the medals for auction. 

The 45-year-old, who participated in six Olympics and won gold in 1996 and 2000, was recently acquitted of three firearms convictions that disqualified him from last year's Rio Olympics.

The 18-month legal battle left him $200,000 in debt, The Sunday Telegraph reports.

"It's not just ruined me financially but my reputation, too," Diamond said.

"I couldn't earn a living. I approached a lot of people for work but it fell on deaf ears. That's why I'm so desperate now."

Diamond told the paper he needed the money to pay rent and for his daughters' school fees.

"I've got three beautiful young girls," he said.

"That's all that matters to me. Their schooling and upbringing.

"That's why I'm prepared to make this sacrifice. It's an absolute last resort."

It's understood no other Australian Olympic champ­ion has ever sold a gold medal.