The U.S. Olympic team has been bolstered by an unprecedented financial boost in the form of a $100 million donation. This contribution, the largest ever received by the team, will be used to offer $100,000 payments alongside matching life insurance benefits for athletes securing a place on Team USA starting next year. The generous donation comes from Ross Stevens, the founder and CEO of Stone Ridge Holdings Group, a finance firm known for specializing in unique investment options, including cryptocurrency and fine art.
Stevens highlighted his motivation behind the donation, emphasizing that financial barriers should not hinder America’s top athletes from achieving new levels of success. The U.S. Olympic and Paralympic programs, unlike those in many other nations, receive no governmental financial support. Instead, they rely heavily on sponsorships and media deals, which make up 75-80% of their revenue, and fundraising, contributing another 10-20%.
This reliance on external funding often finds Olympians living under financial constraints, even edging near the poverty line during their pursuit of athletic greatness. Post-retirement, many athletes also face financial instability. Christine Walshe, president of the foundation, noted last year that 57% of U.S. athletes earned $50,000 or less annually. Geoff Yang, the chair of USOPF, praised the donation as transformative, stressing that athletes should not face financial destitution after illustrious careers.
The $100 million gift from Stevens remarkably surpasses the $47 million raised by USOPF in 2023. Funds from this donation will inaugurate a program featuring several key components: A $100,000 grant, distributed over four years, will go to each U.S. Olympian, starting with the 2024 Winter team in Italy. Athletes can access these funds 20 years post-qualification or once they turn 45, whichever occurs later. A $100,000 benefit will be designated to a beneficiary upon the athlete’s death, and athletes qualifying for multiple Olympics will see benefits accumulate to a potential $600,000. Eligibility is limited to athletes with annual earnings below $1 million to reserve the funds for those in true need, barring already well-compensated athletes from disciplines like basketball or tennis. The program is committed through at least 2032, with aspirations of extending further.
Since its inception as the charitable branch of the U.S. Olympic and Paralympic Committee in 2013, the foundation has raised approximately $230 million over four years ending in 2024, aiming for $500 million by 2028 with the conclusion of the LA Olympics. Gene Sykes, chair of the USOPC, termed the Stevens donation as a monumental effort to address how retiring Olympians are supported. He remarked that aside from the monetary value, a donor like Stevens stepping up highlights the intrinsic value of the Olympics, marking it as a cause valued deeply by those with substantial resources and a sense of duty to assist those in need.
