er Most Olympians earn nothing for Olympic competition. Many countries Olympic teams, including the United States, provide travel expenses to Olympic competitors, but even these funds dont come directly from the government, rather a pool of private and corporate donors. The only direct income a few Olympians receive for their competition is from corporate sponsorships. For an A-list Olympian like Michael Phelps, that means plenty of dough to support himself while he trains and competes from companies like Speedo. And, in addition to regular sponsorships, the swimwear outfit has promised to pay Phelps $1 million if he breaks the 1972 record for seven gold medals in a single Olympics. With five golds under Phelps belt already, it looks like he just may do it. All U.S. athletes can also earn a medal bonus from the U.S. Olympic committee for each medal won. The U.S. pays American medal winners $25,000 for gold, $15,000 for silver, and $10,000 for bronze medals. Some countries, though not all, pay athletes similar medal bonuses. The highest I found is Russia. This year Russia raised Olympic medal awards to $100,000 for gold, $60,000 for silver, and $40,000 for bronze. While these bonuses are a nice way to reward athletes financially for a big, big accomplishment, many will never enjoy the steady income that comes with a corporate sponsorship, making what they endure to compete all the more impressive.
Posted on: Tue, 18 Feb 2014 19:09:32 +0000
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