Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k

Summary

How much Olympians get paid depends entirely on the country they compete for. The International Olympic Committee (IOC) does not give out cash prizes, only a medal, but many countries do award their athletes based on whether or not they won a gold, silver, or bronze. However, if an American athlete competes (and medals) at the Olympics, the U.S. government does not pay them anything.Billionaire financier Ross Stevens is changing that. Starting with the upcoming Milan Cortina Olympics, he will give $200,000 to every U.S. Olympic and Paralympic athlete—even if they don’t win a medal. Per the Wall Street Journal, “Half will come 20 years after their first qualifying Olympic appearance or at age 45, whichever comes later. Another $100,000 will be in the form of a guaranteed benefit for their families after they pass away.”His entire donation to the U.S. Olympic & Paralympic Committee (USOPC), announced last March, is $100 million—a record breaking gift to the organization. “I do not believe that financial insecurity should stop our nation’s elite athletes from breaking through to new frontiers of excellence,” Stevens said upon the announcement of his gift.This won’t be the only source of income for American Olympic and Paralympic athletes; many receive money from endorsement and sponsorship deals, and the national governing body of each sport financially supports their athletes differently. However, Stevens’ gift looks to their retirement.Called the Stevens Financial Security Awards (Stevens Awards), the gift is intended to provide financial support to those who represent the U.S. on the world stage. “In the heart of every Team USA athlete lies a story of dedication, sacrifice and triumph,” said USOPC Chair Gene Sykes. “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 real...