Latest news with #RossStevens
Los Angeles Times
06-03-2025
- Business
- Los Angeles Times
Many U.S. Olympians struggle to get by. Now they'll get a $100,000 retirement boost
For many U.S. Olympic athletes, going for gold can also mean going broke as they shell out thousands of dollars for elite coaching and equipment while forgoing employment to train around the clock. Athletes have reported relying on food stamps, racking up credit card debt and resorting to crowdfunding to make it to the Games. On Wednesday, the United States Olympic and Paralympic Committee announced a new financial assistance program for all Team USA athletes — a $100,000 retirement benefit per each Olympic Games that they participate in. This program seeks to address the financial challenges athletes face, which 'have led many to choose between leaving their sports to find full-time work or continuing to train and compete while struggling with poverty or financial insecurity,' according to a 2024 report by the Commission on the State of U.S. Olympics and Paralympics. While a select few famous athletes make millions from sponsorship deals, many Team USA members struggle to make ends meet. Under the new program, athletes will be eligible to begin receiving their $100,000 retirement payments 20 years after the Games they competed in or when they turn 45, whichever comes later. The benefits add up over multiple Olympic Games, meaning that athletes who participated in three Games, for example, would receive $300,000 from the program. The benefits will be paid out over a four-year period. Because of the two-decade delay in payments, these benefits will not put an end to athletes' financial struggles while they are training. However, they will help to provide a safety net for when athletes' Olympic careers are over. USOPC Chair Gene Sykes called the program a 'springboard that will propel these athletes to even greater heights beyond their Olympic and Paralympic careers.' Ross Stevens, a Team USA supporter and the founder and chief executive of Stone Ridge Holdings Group, provided a $100-million donation — the largest in USOPC history — to establish the Stevens Financial Security Awards, which will provide the retirement benefits to athletes. 'I do not believe that financial insecurity should stop our nation's elite athletes from breaking through to new frontiers of excellence,' Stevens said in a statement. The Stevens Financial Security Awards will begin with the athletes who participate in the 2026 Milano Cortina Olympic and Paralympic Games and continue at least through the 2032 Games, with a goal of becoming a permanent program. In addition to the $100,000 retirement benefit athletes will gain for each Olympics they participate in, they will also accrue $100,000 in life insurance benefits, bringing the total financial benefits package to $200,000 per Games. Life insurance benefits will be distributed to athletes' family or chosen beneficiaries upon their death. The United States is one of the only countries that does not provide government funding to its Olympic athletes. Instead, the USOPC, the national governing body responsible for supporting and overseeing Team USA, is responsible for providing financial support for athletes in the form of stipends, grants and health insurance. They also provide direct payments of $37,500 for gold medals, $22,500 for silver and $15,000 for bronze. The USOPC operates entirely on private donations and sponsorships. For many athletes, this financial assistance is not enough to support them during training, according to the 2024 report. The report points to the experience of Olympic short-track skater Emily Scott, who struggled to get by on food stamps and a part-time job at a surgical supply factory after her USOPC monthly stipend was cut from $1,950 to $600 a month. 'The last thing you want to be worried about in a year like this is being able to pay your rent and eat, and you want to eat healthy,' she told USA Today in 2013. That was pretty hard. … But I'm not the only one suffering.' The report points out that financial challenges can be magnified for Paralympic athletes, who 'often face much higher costs for specialized training and adapted-sport equipment. ... Sports prosthetics and adaptive gear can cost thousands of dollars and are rarely covered by health insurance.' Many athletes rely on donations to make it to the Games. For the 2024 Paris Olympics, Team USA hopefuls raised more than $1 million on GoFundMe, according to reporting by USA Today. Sponsorships are also an important funding source for Team USA members. However, only the top tier of famous athletes — such as Simone Biles, Katie Ledecky and Michael Phelps — are able to secure corporate sponsorships that provide millions of dollars.
USA Today
05-03-2025
- Business
- USA Today
Team USA athletes to receive $200K for Olympic, Paralympic Games participation
Team USA athletes to receive $200K for Olympic, Paralympic Games participation Show Caption Hide Caption Olympic flag returns to Los Angeles ahead of LA28 Games Olympic flag arrives in Los Angeles, host city for 2028 Games Athletes who represent Team USA at the Olympic or Paralympic Games will be eligible to receive at least $200,000 in post-retirement benefits as part of a new support plan announced Wednesday. The plan, fueled by a $100 million donation by philanthropist Ross Stevens, will allow each Team USA athlete to receive a "Stevens Financial Security Award" consisting of two six-figure payments. Eligible athletes will be able to access $100,000 over a four-year period following the end of their Olympic or Paralympic careers − specifically, 20 years after their qualifying Games or when they turn 45 years old, whichever is later. Their families or beneficiaries will also receive $100,000 upon their death. In a statement announcing the plan, the U.S. Olympic and Paralympic Committee added that the benefits will multiply with each additional iteration of the Games in which the athlete competes − meaning a two-time Olympic athlete would receive $400,000, and a three-time Paralympian would be eligible to receive $600,000. "Because of Ross' extraordinary generosity and philanthropic creativity, we can create more than a financial safety net," USOPC chairman Gene Sykes said in a statement. "We can build a springboard that will propel these athletes to even greater heights beyond their Olympic and Paralympic careers." The USOPC said the $100-million "anchor funding gift" from Stevens, the CEO and founder of Stone Ridge Holdings Group, made the program possible. It is the largest single gift in the organization's history. "Team USA athletes, extraordinary individuals, have proven they can achieve greatness and represent our incredible country with pride," Stevens said in a statement. "The Stevens Awards honor the sacrifices they have made on behalf of all Americans while inspiring the development of their dreams in the post-Games chapter of their lives." The post-retirement support program offers a creative solution to one of the fundamental issues in Olympic and Paralympic sports. Unlike in major professional team sports, where athletes have the security of a contract that pays out regardless of performance or injury, most Olympic and Paralympic athletes rely on sponsorship deals and appearance fees to make up the majority of their income. For big stars like gymnastics gold medalist Simone Biles and 100-meter champion Noah Lyles, those income streams are massive. But for the average Olympic athlete in a sport like table tennis or water polo, they are usually not available. "The reality is that's only the top 5%," water polo player Kaleigh Gilchrist said last summer. "The rest of us are living paycheck by paycheck." National governing bodies and international federations have offered various stipends to help fund athletes' training and support them during their careers. The USOPC also pays athletes who medal at the Olympic or Paralympic Games; In 2024, they received $37,500 for every gold medal, $22,500 for every silver and $15,000 for every bronze. Yet because so much of the money is dependent on performance, many athletes feel it's not enough − especially for early-career Olympic athletes, who are trying to get a foothold as a professional. A 2020 survey of nearly 500 elite athletes across 48 countries by advocacy group Global Athlete found 58% of respondents didn't consider themselves financially stable. The USOPC said the Stevens Awards will help address this issue by providing the sort of savings that Olympic and Paralympic athletes do not have a chance to accrue. "Admiration of U.S. Olympians and Paralympians is uniquely bipartisan, uniting all Americans, and reminding us of our shared humanity," Stevens said. Contact Tom Schad at tschad@ or on social media @ (This story has been updated to add a video.)
Reuters
05-03-2025
- Business
- Reuters
Philanthropist Ross Stevens to pay U.S. Olympians $200K
March 5 - Philanthropist Ross Stevens made a $100 million donation to support United States Olympic and Paralympic athletes with a post-retirement plan worth up to $200,000 per participant. The U.S. Olympic and Paralympic Committee said Wednesday the gift was the largest single monetary donation in the history of the organization. Stevens launched the fund to reward American athletes for sacrificing other opportunities to train for an opportunity to represent Team USA. "Team USA athletes, extraordinary individuals, have proven they can achieve greatness and represent our incredible country with pride," Stevens said in a statement. "The Stevens Awards honor the sacrifices they have made on behalf of all Americans while inspiring the development of their dreams in the post-Games chapter of their lives." Several athletes at the 2024 Paris Games said the perception of sponsorship and endorsement payments sustaining amateurs is accurate only for the best known of Team USA members, such as gymnast Simone Biles or swimmer Katie Ledecky. An estimated 90 percent of Team USA athletes participating in the Olympic and Paralympic Games are paid only small stipends and describe economic stability as "paycheck to paycheck." All Team USA athletes would be eligible to receive the "Stevens Financial Security Award," the USOPC said. A one-time Olympic participant is eligible to receive $100,000 over a four-year period 20 years after their qualifying Games or when they turn 45, whichever is later. A two-time U.S. Olympian or Paralympics athlete would be eligible for $400,000 in post-career benefits, increasing another $200,000 for a three-time participant to $600,000. Designated athlete beneficiaries also will receive $100,000 upon their death. "Because of Ross' extraordinary generosity and philanthropic creativity, we can create more than a financial safety net," USOPC chairman Gene Sykes said in a statement. "We can build a springboard that will propel these athletes to even greater heights beyond their Olympic and Paralympic careers." The USOPC is a "mission driven non-profit" and receives no government funding. Multiple US athletes said in Paris they pay five figures for coaching, lodging, food, gym access and related Olympics-training expenses. The most successful US athletes have made six-figure salaries using appearance fees, corporate sponsorship and other endorsements. Winning is the only other route to a guaranteed USOPC payment. Men's swimmer Caeleb Dressel received $187,500 total for his five Gold medals at the Tokyo Games. The USOPC pays Team USA medalists $37,500 for winning gold, $22,500 for silver and third-place or bronze finishers take home $15,000. The 2024 commission on the State of the U.S. Olympics & Paralympics found 26.5 percent of high-performance American athletes earn an annual total of less than $15,000 a year and more than one-third of athletes earn less than $25,000 per year.
Yahoo
05-03-2025
- Business
- Yahoo
Team USA athletes to receive $200K for Olympic, Paralympic Games participation
Athletes who represent Team USA at the Olympic or Paralympic Games will be eligible to receive at least $200,000 in post-retirement benefits as part of a new support plan announced Wednesday. The plan, fueled by a $100 million donation by philanthropist Ross Stevens, will allow each Team USA athlete to receive a "Stevens Financial Security Award" consisting of two six-figure payments. Eligible athletes will be able to access $100,000 over a four-year period following the end of their Olympic or Paralympic careers − specifically, 20 years after their qualifying Games or when they turn 45 years old, whichever is later. Their families or beneficiaries will also receive $100,000 upon their death. In a statement announcing the plan, the U.S. Olympic and Paralympic Committee added that the benefits will multiply with each additional iteration of the Games in which the athlete competes − meaning a two-time Olympic athlete would receive $400,000, and a three-time Paralympian would be eligible to receive $600,000. "Because of Ross' extraordinary generosity and philanthropic creativity, we can create more than a financial safety net," USOPC chairman Gene Sykes said in a statement. "We can build a springboard that will propel these athletes to even greater heights beyond their Olympic and Paralympic careers." The USOPC said the $100-million "anchor funding gift" from Stevens, the CEO and founder of Stone Ridge Holdings Group, made the program possible. It is the largest single gift in the organization's history. "Team USA athletes, extraordinary individuals, have proven they can achieve greatness and represent our incredible country with pride," Stevens said in a statement. "The Stevens Awards honor the sacrifices they have made on behalf of all Americans while inspiring the development of their dreams in the post-Games chapter of their lives." The post-retirement support program offers a creative solution to one of the fundamental issues in Olympic and Paralympic sports. Unlike in major professional team sports, where athletes have the security of a contract that pays out regardless of performance or injury, most Olympic and Paralympic athletes rely on sponsorship deals and appearance fees to make up the majority of their income. For big stars like gymnastics gold medalist Simone Biles and 100-meter champion Noah Lyles, those income streams are massive. But for the average Olympic athlete in a sport like table tennis or water polo, they are usually not available. "The reality is that's only the top 5%," water polo player Kaleigh Gilchrist said last summer. "The rest of us are living paycheck by paycheck." National governing bodies and international federations have offered various stipends to help fund athletes' training and support them during their careers. The USOPC also pays athletes who medal at the Olympic or Paralympic Games; In 2024, they received $37,500 for every gold medal, $22,500 for every silver and $15,000 for every bronze. Yet because so much of the money is dependent on performance, many athletes feel it's not enough − especially for early-career Olympic athletes, who are trying to get a foothold as a professional. A 2020 survey of nearly 500 elite athletes across 48 countries by advocacy group Global Athlete found 58% of respondents didn't consider themselves financially stable. The USOPC said the Stevens Awards will help address this issue by providing the sort of savings that Olympic and Paralympic athletes do not have a chance to accrue. "Admiration of U.S. Olympians and Paralympians is uniquely bipartisan, uniting all Americans, and reminding us of our shared humanity," Stevens said.(This story has been updated to add a video.) This article originally appeared on USA TODAY: Olympic athletes will get paid $200K after competing in Games
NBC Sports
05-03-2025
- Business
- NBC Sports
U.S. Olympic and Paralympic Foundation gets $100 million gift to support athletes post-Games
The U.S. Olympic and Paralympic team received its biggest donation ever — $100 million — to fund $100,000 payments and matching life insurance benefits for anyone who earns a spot on Team USA starting next year. The donation to the U.S. Olympic and Paralympic Foundation is from Ross Stevens, the founder and CEO of Stone Ridge Holdings Group, a finance firm that focuses on 'nontraditional' investment options such as crypto and fine art. 'I do not believe that financial insecurity should stop our nation's elite athletes from breaking through to new frontiers of excellence,' Stevens said in a statement announcing the deal Wednesday. The U.S. is among the few countries whose government does not fund its Olympic and Paralympic program or its athletes. The U.S. team is dependent on sponsorship and media deals (for around 75-80% of its revenue), along with fundraising (for between 10-20%). It leads to a system full of Olympians and Paralympians who live near the poverty line while chasing their sports dreams, and can end up there in retirement, as well. The foundation's president, Christine Walshe, said last year that 57% of U.S. athletes earn $50,000 or less a year. 'You don't want athletes being destitute when they finish a long, storied career,' USOPF chair Geoff Yang said, calling the gift 'transformational.' The Stevens donation alone is worth more than double the $47 million USOPF raised in 2023, the last year for which tax records are available. His donation provides the starting money for a program that: — Will pay a $100,000 grant, divided over four years, to every U.S. Olympian and Paralympian, starting with those on next year's Winter Games teams competing in Italy. That money can be used for any purpose and can be accessed 20 years after their qualifying Olympics or Paralympics or once they reach 45, whichever comes later. — Will pay a $100,000 benefit to a designated beneficiary upon their death. — Will duplicate these benefits for every Olympics and Paralympics an athlete makes, so someone who goes three times would get a total of $600,000 in benefits. — Will be restricted to athletes who make less than $1 million a year, so as not to divert funds to, say, well-paid NBA players or top tennis stars who also compete for America. — Is funded through at least 2032 with a goal of going beyond that. The foundation, launched in 2013 as the charitable arm of the U.S. Olympic and Paralympic Committee, raised around $230 million in the four years ending in 2024 to fund direct support to athletes. It is shooting for $500 million for the four-year period ending with the LA Games in 2028. The USOPC's chair, Gene Sykes, called the Stevens donation 'the biggest thing that anyone's ever done to address' the need to help Olympians past their retirements. He said in addition to the money itself, a donation of this size by a donor with Stevens' background is a symbol of what the Games truly stand for. 'It signifies that this is something that's valuable for the country, and valuable to people who have the greatest amount of resources in the country and take responsibility for other people who need them,' Sykes said. Nick Zaccardi,
