Some, like U. Most Team USA athletes are not represented by sports agents and some have no sponsors or endorsements at all, according to a Forbes report. A handful of athletes may score multimillion dollar endorsements or sponsorship deals, either before competing at the Olympics or after achieving success in the Games. Parthasarathi pointed out that one profitable career move for some athletes is to go into coaching after retirement as people are willing to pay a premium for former Olympians.
NBC Olympics is the U. Skip Navigation. Key Points. Olympians typically receive monetary, and sometimes non-monetary, rewards from their countries for winning a place on the podium. Dog walker — Jazmine Fenlator bobsled driver , who also worked odd jobs in food service and has received financial aid from her community, as well as sponsorship from Liberty Mutual Insurance. Health researcher — Natalie Dell rower. Life adviser — Troy Dumais diver works at University of Texas.
Model — Kerron Clement hurdler , who is also an actor. Zsuzsanna Francia rower is a fitness model and writer. Motion graphics designer — Chas Betts wrestler.
Motivational speaker — Dotsie Bausch cyclist. Plumber — Jonathan Cheever snowboarder. Teacher — Emil Milev shooter is a phys ed teacher in Florida. Get endorsement deals. This is the dream, of course. Become a coach. Nadia Comaneci gymnast defected from Romania in While she initially arrived in the U. Become a professional athlete. Floyd Mayweather boxing , as mentioned early, is making a fortune as a professional boxer and taking a cut of Pay-Per-View fees by representing himself.
Become an actor. There are several athletes in this category, past and present, including Johnny Weismuller swimming , Jason Statham diving team , and Ryan Lochte swimmer. The vast majority of those athletes are not rich , or close to it. You cannot watch TV or exist on the internet right now without running into a Simone Biles ad. The Olympic gold medal gymnast got plenty of well-deserved, high-paying endorsement deals lined up. But she is the exception, not the rule.
According to one survey of elite athletes from 48 countries, more than half are financially unstable. Since the s, the international and US rules around amateurism and sponsorships have relaxed to make way for athletes to be compensated for their efforts and achievements. Financial restrictions have been dropped, and professional athletes are allowed to compete in almost all of the Olympic events, save wrestling. US athletes striving toward the Olympics are generally left to their own devices in terms of funding training and travel for most of their careers, and even once they reach the top tier, they might receive a stipend that, while helpful, is not enough for most to live on.
Lucrative sponsorship deals are not abundant. Moreover, some of the restrictions around athlete sponsorships and endorsements make it harder for lesser-known competitors to capitalize on their Olympic moment in the sun. Under Rule 40 , put in place by the IOC in , only official Olympic sponsors and partners — who have presumably spent a lot of money to be in that category — get full-throated rights around Olympic and athlete marketing during the Games. Every other company or brand is subject to a sort of blackout period just before, during, and after the Olympics.
While loosened this year, this is still a convoluted system that some experts and athletes say keeps current competitors from being able to strike more deals with non-Olympic partner brands and really cash in. Even though she was one of the lucky ones who got big endorsement deals, she saw how it affected her teammates. After all, she pointed out, everyone else — the IOC, the networks, and even the officials and support staff — is making money. Every time the Olympics come around, there is a multitude of stories about athletes in dire financial straits — a rower living close to the poverty line , a speed skater applying for food stamps , dozens of athletes starting GoFundMe drives to try to fund their ambitions.
And these are people who have more or less made it in the sport, not to mention those who are still up-and-comers. For years, Home Depot ran ads about how many Olympians it employed , drawing attention to the idea that many people had jobs while they were competing.
Still, many Americans assume that athletes get more financial support than they do. This month, American sprint kayak athlete Shaye Hatchette told Vice of the financial difficulties she has faced in her bid to reach Tokyo , and the challenge of earning as an Olympian. In April, Hatchette was forced to launch a GoFundMe page to raise money to cover the costs of travelling to, and competing in, Olympic qualifying events in Hungary and Russia. Te recomendamos en English.
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