Philanthropist Ross Stevens made a $100 million donation to support United States Olympic and Paralympic athletes with a post-retirement plan worth up to $200,000 per participant.
The U.S. Olympic and Paralympic Committee said Wednesday the gift was the largest single monetary donation in the history of the organization. Stevens launched the fund to reward American athletes for sacrificing other opportunities to train for an opportunity to represent Team USA.
“Team USA athletes, extraordinary individuals, have proven they can achieve greatness and represent our incredible country with pride,” Stevens said in a statement. “The Stevens Awards honor the sacrifices they have made on behalf of all Americans while inspiring the development of their dreams in the post-Games chapter of their lives.”
Several athletes at the 2024 Paris Games said the perception of sponsorship and endorsement payments sustaining amateurs is accurate only for the best known of Team USA members, such as gymnast Simone Biles or swimmer Katie Ledecky. An estimated 90 percent of Team USA athletes participating in the Olympic and Paralympic Games are paid only small stipends and describe economic stability as “paycheck to paycheck.”
All Team USA athletes would be eligible to receive the “Stevens Financial Security Award,” the USOPC said.
A one-time Olympic participant is eligible to receive $100,000 over a four-year period 20 years after their qualifying Games or when they turn 45, whichever is later. A two-time U.S. Olympian or Paralympics athlete would be eligible for $400,000 in post-career benefits, increasing another $200,000 for a three-time participant to $600,000.
Designated athlete beneficiaries also will receive $100,000 upon their death.
“Because of Ross’ extraordinary generosity and philanthropic creativity, we can create more than a financial safety net,” USOPC chairman Gene Sykes said in a statement. “We can build a springboard that will propel these athletes to even greater heights beyond their Olympic and Paralympic careers.”
The USOPC is a “mission driven non-profit” and receives no government funding. Multiple US athletes said in Paris they pay five figures for coaching, lodging, food, gym access and related Olympics-training expenses.
The most successful US athletes have made six-figure salaries using appearance fees, corporate sponsorship and other endorsements. Winning is the only other route to a guaranteed USOPC payment. Men’s swimmer Caeleb Dressel received $187,500 total for his five Gold medals at the Tokyo Games.
The USOPC pays Team USA medalists $37,500 for winning gold, $22,500 for silver and third-place or bronze finishers take home $15,000.
The 2024 commission on the State of the U.S. Olympics & Paralympics found 26.5 percent of high-performance American athletes earn an annual total of less than $15,000 a year and more than one-third of athletes earn less than $25,000 per year.
–Field Level Media
