U.S. Olympic and Paralympic athletes will finally get paid thanks to one man's $100 million donation
Each athlete will receive $200,000 regardless of performance
•
1 min read
The men and women who make up the United States Olympic and Paralympic teams do not get paid by the U.S. government, but starting with the Milano Cortina Olympics in February, each athlete will receive $200,000 regardless of performance.
That's thanks to a record $100 million donation to the U.S. Olympic & Paralympic Committee from financier Ross Stevens, who cited his desire to provide athletes with some financial security as the reason for his gift.
"I do not believe that financial insecurity should stop our nation's elite athletes from breaking through to new frontiers of excellence," Stevens told the Wall Street Journal.
The $200,000 won't be in the form of a one-time paycheck, but instead comes in two installments of $100,000. The first of those will come 20 years after their first qualifying Olympic appearance or at age 45, whichever comes later. The other $100,000 will be in the form of a guaranteed benefit for their families after they die.
Athletes will be eligible for $200,000 for each Olympics they compete in, meaning those that compete for multiple Olympics can earn even more.
Currently, athletes are only paid prize money for medaling in events with that money coming from TV revenue and sponsorships. At the 2024 Paris Olympics, the USOPC paid athletes $37,500 for winning gold, $22,500 for silver and $15,000 for bronze.
This new donation will be particularly impactful for athletes in smaller sports that don't have professional leagues or avenues to making significant money by participating in those sports year-round. Many Olympic athletes work regular jobs and have to make difficult decisions about whether to continue training and pursuing their Olympic dreams given the relatively small financial backing they receive.
Knowing that there will be $100,000 provided for them later in life and another $100,000 for their family after they die can provide some security and motivation for continuing to pursue their Olympic dream.
Many other nations already provide pensions or retirement benefits to athletes, but the USOPC doesn't get any federal funding and, prior to Stevens' donation, didn't have the funding to offer that to athletes. Now that's available, and the 232 athletes on Team USA for the 2026 Winter Olympics and Paralympics will be the first beneficiaries.
