Olympians typically receive monetary, and sometimes non-monetary, rewards from their countries for winning a place on the podium. Beyond that, Olympians rely on other revenue streams for their sporting endeavors, including efforts to land lucrative endorsement deals. VIDEO The News with Shepard Smith. But scoring lucrative deals is rare, and hardly the norm. This year-old visited every country in the world.
Here's how he paid for it. Monica Buchanan Pitrelli. How two college friends got Serena Williams and Usain Bolt to back their business. Vicky McKeever. Olympic BMX champion reveals the life lessons she learned from her part-time job. You cannot watch TV or exist on the internet right now without running into a Simone Biles ad. The Olympic gold medal gymnast got plenty of well-deserved, high-paying endorsement deals lined up.
But she is the exception, not the rule. According to one survey of elite athletes from 48 countries, more than half are financially unstable. Since the s, the international and US rules around amateurism and sponsorships have relaxed to make way for athletes to be compensated for their efforts and achievements. Financial restrictions have been dropped, and professional athletes are allowed to compete in almost all of the Olympic events, save wrestling. US athletes striving toward the Olympics are generally left to their own devices in terms of funding training and travel for most of their careers, and even once they reach the top tier, they might receive a stipend that, while helpful, is not enough for most to live on.
Lucrative sponsorship deals are not abundant. Moreover, some of the restrictions around athlete sponsorships and endorsements make it harder for lesser-known competitors to capitalize on their Olympic moment in the sun. Under Rule 40 , put in place by the IOC in , only official Olympic sponsors and partners — who have presumably spent a lot of money to be in that category — get full-throated rights around Olympic and athlete marketing during the Games.
Every other company or brand is subject to a sort of blackout period just before, during, and after the Olympics. While loosened this year, this is still a convoluted system that some experts and athletes say keeps current competitors from being able to strike more deals with non-Olympic partner brands and really cash in.
Even though she was one of the lucky ones who got big endorsement deals, she saw how it affected her teammates. After all, she pointed out, everyone else — the IOC, the networks, and even the officials and support staff — is making money. Every time the Olympics come around, there is a multitude of stories about athletes in dire financial straits — a rower living close to the poverty line , a speed skater applying for food stamps , dozens of athletes starting GoFundMe drives to try to fund their ambitions.
And these are people who have more or less made it in the sport, not to mention those who are still up-and-comers. For years, Home Depot ran ads about how many Olympians it employed , drawing attention to the idea that many people had jobs while they were competing. Still, many Americans assume that athletes get more financial support than they do. At the time, many Soviet countries were already secretly paying their athletes like professionals anyway, and the US was looking for a way to compete.
And because of the financial barriers, many athletes with potential likely get screened out. The USOPC has in place programs to support athletes, such as grants to the national governing bodies and to top performers. National governing bodies often provide stipends to their top athletes, but those can vary from sport to sport or even be cut. The USOPC says that much of its budget goes toward programs and activities that support athletes, such as training sites, media promotion, and high-performance programs aimed at people who have the best shot at winning.
Days later, Doritos announced that Clemons would be its latest partner, and she thanked the brand for making their relationship official. Its direct competitor, Coca-Cola is. Thank you Doritos for making this happen! Special funds such as at livingthedreammedalfund. They also pay stipends college athletes. Get funded by friends and family. Get sponsored by local businesses. They pay full-time salaries and benefits to athletes but allow them to work part-time.
However, some companies have dropped out of the program. Athletes also have to have a certain ranking in a given sport to be accepted. As well, the USOC provides funds to national governing bodies for each sport, typically to cover the costs of technology, shipping equipment overseas, etc. There are also various foundations backed by corporations that give out grants to athletes, albeit not just to Olympic hopefuls.
Of these, at least 12 recipients have competed in the Olympics. For example, Jack Wickens, USA Track and Field Foundation Board directory, evaluated the income of track and field athletes and found the following: Income depends on event; sprints and marathons competitions pay the most.
This is from all sources: sponsorships, grants, prize money, etc. Anyone below top 10 ranking in the USA likely has little to no income or funding from their sporting activity.
All other runners below these rankings tend to have other jobs. Actor — Jamie Nieto jumper. Army specialist — Dennis Bowsher pentathlon is a specialist in the U. Coach — Jared Frayer wrestler is a coach and teacher. Construction worker — Lance Brooks discus thrower. Dog walker — Jazmine Fenlator bobsled driver , who also worked odd jobs in food service and has received financial aid from her community, as well as sponsorship from Liberty Mutual Insurance.
Health researcher — Natalie Dell rower. Life adviser — Troy Dumais diver works at University of Texas. Model — Kerron Clement hurdler , who is also an actor. Zsuzsanna Francia rower is a fitness model and writer.
Motion graphics designer — Chas Betts wrestler.
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