The philanthropist Ross Stevens made a $ 100 million donation to support US Olympic and Paralympic athletes with a plan after retirement worth up to $ 200,000 per participant.
The American Olympic and Paralympic Committee said Wednesday that the gift was the largest single monetary donation in the organization’s history. Stevens launched the fund to reward American athletes to sacrifice other opportunities to train for an opportunity to represent Team USA.
“Team USA -athletes, extraordinary individuals, have proven that they can achieve greatness and represent our incredible country with pride,” Stevens said in a statement. “Stevens Awards honors the sacrifices they have made for all Americans while inspiring the development of their dreams in the chapter after Games in their lives.”
Several athletes at the Paris Games in 2024 said that the perception of sponsorship and approval payments that maintains amateurs is only accurate for the most famous by Team USA members, such as gymnast Simone Biles or swimmer Katie Ledecky. An estimated 90 percent of Team US athletes who participate in the Olympic and Paralympic Games are paid only small scholarships and describe financial stability as “paycheck to paycheck.”
All teams USA -athletes would be eligible to get the “Stevens Financial Security Award,” said USOPC.
A one -time Olympic participant is eligible to receive $ 100,000 over a four -year period 20 years after their qualified games or when they turn 45, depending on what’s later. A twice American Olympic or Paralympics athletes would be eligible for $ 400,000 in benefits after his career, which increases an additional $ 200,000 for a three-o’clock participants to $ 600,000.
Designed athletes recipients will also receive $ 100,000 at their death.
“Due to Ross’s extraordinary generosity and philanthropic creativity, we can create more than one financial security network,” said USOPC chairman Gene Sykes in a statement. “We can build a springboard that will drive these athletes to even greater heights in addition to their Olympic and Paralympic careers.”
USOPC is a “mission -driven non -profit” and receives no state funding. Several American athletes said in Paris that they pay five digits for coaching, lodging, food, gymnastics access and related Olympic education expenses.
The most successful American athletes have made six -digit wages with appearance fees, corporate sponsorship and other approvals. Winning is the only other way to a guaranteed USOPC payment. Men’s swimmers Caeleb Dressel received a total of $ 187,500 for their five gold medals on the Tokyo games.
USOPC pays team US medalists $ 37,500 to win gold, $ 22,500 for silver and third place or bronze treatments take home $ 15,000.
The 2024 Commission for the state US OS & Paralympics found that 26.5 percent of high-performing American athletes earn an annual total less than $ 15,000 per year and more than a third of athletes earn less than $ 25,000 per year.
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