One constant: The athletes remain the stars of the show. Our mission has never been more vital than it is in this moment: to empower through understanding. Financial contributions from our readers are a critical part of supporting our resource-intensive work and help us keep our journalism free for all. Please consider making a contribution to Vox today to help us keep our work free for all. Cookie banner We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from.
By choosing I Accept , you consent to our use of cookies and other tracking technologies. The Olympics can be very profitable, just not for the athletes themselves. The price of Olympic glory Olympic athletes are the stars of the show. Reddit Pocket Flipboard Email.
Athletes like Simone Biles far right and Michael Phelps not pictured are outliers with their outsize endorsement deals. The financial reality for most Olympic athletes is much harsher. The Goods Is there a Thanksgiving turkey shortage? An investigation. Sign up for the newsletter Sign up for The Weeds Get our essential policy newsletter delivered Fridays. Thanks for signing up! Check your inbox for a welcome email. Email required.
By signing up, you agree to our Privacy Notice and European users agree to the data transfer policy. For more newsletters, check out our newsletters page. In other countries, recent Olympians collectively hold full-time jobs as chef, firemen, farmer, janitor, landscaper, lawyer, nurse, physiotherapist, police officer, research analyst, software developer, trash collector, travel agent, writer.
Some athletes have university scholarships, but these do not cover the cost of making it to the Olympics. Unfortunately, the cost of being an athlete aspiring to be in the Olympics includes coaches, trainers, medical expenses, equipment, travel — not to mention the typical costs of living.
In the past, athletes have subsisted on food stamps and sharing rent with roommates. Others hold fundraisers or auction themselves as celebrity dates or sometimes for sponsorships. Other athletes are more extreme: Tongan luger, Fuahea Semi, changed his name to Bruno Banani, which is also the name of the German underwear and swimsuit company that sponsors him. Those who are entrepreneurially-savvy also start businesses, invest in real estate and bars, restaurants chains and more.
How Other Olympic-Hopeful Athletes Make a Living What about all the other Olympians who are not as entrepreneurial as the ones above and do not have endorsement deals?
That is, athletes could receive compensation, sponsorship from national and sports organizations as well as private businesses. American athletes had the disadvantage of competing against athletes from certain countries who were sponsored by their governments. Olympic athletes could then get various funding sources such as financial awards, sponsorship or payment. In , professional athletes could compete in every Olympic sport.
In , the Ted Stevens Act expanded to include the Paralympics. As a result, team members wear logos on clothing, accessories and gear. Special funds such as at livingthedreammedalfund.
They also pay stipends college athletes. Get funded by friends and family. Get sponsored by local businesses. And for the first time, collegiate athletes will also be able to benefit from any commercial endorsements they may secure at the Olympics thanks to last months landmark Supreme Court ruling that prompted the NCAA to change its policy on athlete's ability to earn money from their name, image and likeness.
However, this pay-for-performance model leaves some less-popular organizations struggling to support their athletes, and only those likely to win a medal getting financial support. A sport-wide change in welcomed professional boxers into the Olympics for the first time, but USA Boxing held out longer. USA Softball says it pays all of its athletes each month, including 15 players on the roster and three alternates, and provides money for meals on each trip.
Most of the players have personal sponsors, too, a spokesperson said. Unmish Parthasarathi, founder and executive director at consulting firm Picture Board Partners, tells CNBC one profitable career move for athletes is to go into coaching after retirement as people are willing to pay a premium for former Olympians.
More than a quarter said they lost more than half of their income. Skip to content. Olympic medals. Securing a bid to the Olympics is, by design, no easy feat. In team sports, each member splits the winnings evenly, but individuals get the whole kit and caboodle. Unless there's an increase, it's likely to remain the same during the Olympics. The funds come from private donors, not tax payers and sports' own governing bodies may sweeten the pot with other rewards.
While Uncle Sam used take a cut of the earnings, a new law stopped the practice after the Rio Games. The legislation makes an exception for high-profile athletes, however.
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