U.S. Olympians Don't Get Government Funding, Unlike Most Countries. A $100 Million Donation Is Changing That

NEED TO KNOW

• U.S. Olympians will get funding for the first time, thanks to financier Ross Stevens and his $100 million donation to the U.S. Olympic & Paralympic Committee
• "I do not believe that financial insecurity should stop our nation's elite athletes from breaking through to new frontiers of excellence," Stevens said
• Athletes will receive the first half of their payment 20 years after their first qualifying appearance, or at age 45, and the second half comes in a "guaranteed benefit for their families after they pass away," per the Wall Street Journal
  

American athletes have won more Olympic medals than any other nation, so why doesn't the U.S. compensate its Olympians the way other countries do?

Financier Ross Stevens wants to change that with a record donation of $100 million to the U.S. Olympic & Paralympic Committee (USOPC), according to a new report from the Wall Street Journal.

The program, titled the Stevens Financial Security Awards (Stevens Awards), will begin when the Winter Olympics kick off in Milan Cortina on Feb. 6, according to Town & Country. Stevens will give each U.S. Olympic and Paralympic athlete $200,000, regardless of performance.

"I do not believe that financial insecurity should stop our nation's elite athletes from breaking through to new frontiers of excellence," Stevens told WSJ.

The $100 million donation will give athletes the first half of their money 20 years after their first qualifying appearance in the Games, or at age 45, per the outlet, and the second half of their $200,000 will come in the form of a "guaranteed benefit for their families after they pass away."

Athletes will be compensated for each Olympics they compete in, according to the outlet.

The U.S. Olympic and Paralympic Committee currently receives no federal funding, per the WSJ, forcing Team USA's assembling group to find funds for athletes.

According to the WSJ, athletes from Russia, China and South Korea, for example, are provided with retirement stipends or pensions, while Australian Olympics receive a retirement grant for each Games they compete in.

Stevens is the founder and CEO of Stone Ridge Holdings Group, a financial services firm based in New York. He is a longtime supporter of the Olympic Games and according to WSJ, he was approached by the USOPC about how to support athletes after they retire from their sport.

Stevens appreciated that he could create "a safety net" for Olympians "without any political strings attached," the outlet said.

In a statement to Town & Country, USOPC chair Gene Sykes said, “In the heart of every Team USA athlete lies a story of dedication, sacrifice and triumph. These extraordinary individuals have committed their lives to their sport, often at the expense of traditional career paths and financial savings. As they approach the end of their competitive journeys — often as young as 25 or 30 — many face a daunting reality: the lack of financial savings to support them and their loved ones in their post-athletic life.”

Sykes said Stevens' "extraordinary generosity and philanthropic creativity" gives the athletes "more than a financial safety net — we can build a springboard that will propel these athletes to even greater heights beyond their Olympic and Paralympic careers.”

To learn more about all the Olympic and Paralympic hopefuls, come to people.com to check out ongoing coverage before, during and after the games. Watch the Milan Cortina Olympics and Paralympics, beginning Feb. 6, on NBC and Peacock. 

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