Olympic athletes for the United States of America have been handed an unlikely bonus that’s one-of-a-kind.
Team USA have continued to dominate the Olympic Games, marking their eight consecutive Olympics at the top of the total medal table during Paris 2024.
Athletes surpassed their record total for a US team at a non-home games in France, taking home 126 medals which beat their previous record high of 121 at Rio in 2016.
257 American athletes reached the podium, 65% were first-time medalists and the US medaled in 34 of the 48 sports in contention.
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Despite having more Olympic medals than any other nation, the US government does not pay athletes whereas Hong Kong pays athletes £766,000 for taking home first place. US athletes who won gold were paid £29,900 in Paris but that was courtesy of the US Olympic & Paralympic Committee.
However, that is set to change courtesy of one man, Ross Stevens.
Starting from the Milan Cortina Olympics next month, Stevens, a financier in the States, will give $200,000 to each US Olympic and Paralympic athletes, regardless of their performance according to the Wall Street Journal.
Stevens’s entire donation will total $100million making it a record gift to the committee.
Half of the total will come 20 years after the athlete’s first qualifying Olympic appearance or at the age of 45 depending on which one comes later. The other $100,000 will be a guaranteed benefit for their family after they pass away.
“I do not believe that financial insecurity should stop our nation’s elite athletes from breaking through to new frontiers of excellence,” Stevens said.
Do Team GB award prize money to their Olympic athletes?
Unlike other international federations, Team GB do not award prize money based on performance at the games or winning medals.
Instead, they provide an annual stipend per athlete. Team GB competitors were awarded an annual £27,000 ahead of the 2024 Paris Games to cover their expenses while training and preparing for the games.
Athletes can also boost their income through various sponsorship deals.
British swimming champion Tom Dean called for prize money to be awarded for medals before the Paris games.
He said: “When I tell people that we don’t receive any prize money from winning Olympic gold medals, that is always a shock and a surprise to everyone.
“Whereas we do in the world championships, the Europeans. It’s just the biggest screen, in front of the most people, millions and millions of viewers, but you don’t see anything in return.
“I think it is quite tough when someone who has been doing track and field, who has worked just as hard as you for just as many years, is getting this financial reward for winning medals. It’s [a] pretty obvious contrast.”
Topics: Olympics
Marcus Banks