Record $100 Million Donation to Ensure $100K Retirement for Next Generation of US Olympians

In a landmark decision for American athletes, the U.S. Olympic team has secured a record-setting donation of $100 million. This unprecedented funding aims to establish financial support for athletes who qualify for Team USA, offering $100,000 payments and matching life insurance benefits starting next year.

The donation, made by Ross Stevens, the founder and CEO of Stone Ridge Holdings Group, signifies a significant shift in how the U.S. Olympic and Paralympic Foundation operates. Stevens emphasized the importance of financial security for elite athletes, stating, “I do not believe that financial insecurity should stop our nation’s elite athletes from breaking through to new frontiers of excellence.”

Unlike most countries, the U.S. government does not support its Olympic program, which has traditionally depended on private donations and sponsorship deals for revenue. Approximately 75-80% of U.S. Olympic revenue comes from corporate sponsorships, with an additional 10-20% from fundraising activities. This reliance often leaves Olympians struggling financially, as mentioned by Christine Walshe, the foundation’s president, who noted that 57% of U.S. athletes earn $50,000 or less annually.

The implications of the Stevens donation are extensive. This new program will provide $100,000 grants to every U.S. Olympian, starting with those qualifying for the upcoming Winter Olympics in Italy. The funds can be accessed 20 years post-qualification or upon reaching the age of 45. Additionally, beneficiaries will receive a $100,000 payout upon the athlete’s death. Athletes will also be eligible for up to $600,000 if they qualify for multiple Olympics.

To ensure targeted assistance, the program will restrict eligibility to athletes earning less than $1 million annually, deliberately excluding high-earning professionals in sports like basketball and tennis. This initiative is projected to provide funding through 2032, with hopes of extending support beyond that.

The foundation, established in 2013, has raised approximately $230 million in the recent four-year period to directly support U.S. athletes. For the upcoming period leading to the 2028 Olympics in Los Angeles, the foundation aims to raise $500 million. Gene Sykes, chair of the U.S. Olympic and Paralympic Committee, hailed the Stevens donation, asserting that it represents the most significant effort to assist Olympians in their post-career lives.

Sykes highlighted the donation as a testament to the philanthropic responsibility of those with substantial resources, stating, “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 others who need them.”