According to the Department for Children, Schools and Families, the £2 million sponsorship fee, formerly required of private investors, is no longer necessary.
Schools Secretary Ed Balls confirmed that there will no longer be a financial requirement for new academy sponsors for schools opening from September 2011.
The move follows the government's decision to abolish the fees for universities, further education colleges and high performing school funders.
He said the test for applicants will now be their educational track record, skills and leadership qualities, in addition to their commitment to working with local people.
Speaking at the opening of the UK's 200th academy in London, Mr Balls said the change demonstrated the government's belief academies will target deprived areas and replace existing weak or underperforming schools.
Written by Tim Colman