Joe
The U.S. Olympic and Paralympic Foundation (USOPF) has received its largest-ever donation, a monumental $100 million contribution aimed at supporting Team USA athletes.
The donation, announced on Wednesday, is from Ross Stevens, founder and CEO of Stone Ridge Holdings Group, a finance firm specializing in alternative investments such as cryptocurrency and fine art.
Stevens expressed his belief that financial insecurity should not hinder elite athletes from reaching their full potential. “I do not believe that financial insecurity should stop our nation’s elite athletes from breaking through to new frontiers of excellence,” he said in a statement.
Unlike most other countries, the U.S. government does not fund its Olympic program or its athletes. As a result, Team USA relies heavily on sponsorships, media deals, and fundraising, which together account for approximately 75-80% of the revenue needed to support the team. The remainder of funding comes from donations and philanthropic efforts.
This financial model has often led to Olympic athletes struggling with poverty while pursuing their dreams. According to USOPF president Christine Walshe, 57% of U.S. athletes earn $50,000 or less annually. Geoff Yang, chair of the USOPF, emphasized the importance of ensuring that athletes are not financially destitute after retiring. “You don’t want athletes being destitute when they finish a long, storied career,” he said, calling Stevens’ gift “transformational.”
Stevens’ donation, which surpasses the $47 million USOPF raised in 2023, is set to launch a new initiative that will provide significant financial benefits to U.S. Olympians. Starting with the Winter Olympics in Italy next year, the program will provide the following benefits:
- A $100,000 grant, paid over four years, for every U.S. Olympian. The grant can be used for any purpose and is accessible 20 years after the athlete’s qualifying Olympics or once they turn 45, whichever comes later.
- A $100,000 life insurance benefit for designated beneficiaries upon the athlete’s death.
- The opportunity for athletes who participate in multiple Olympics to receive up to $600,000 in benefits.
- Eligibility is limited to athletes who earn less than $1 million per year, ensuring that the funds are directed to those who need it most.
The program will be funded through at least 2032, with plans to extend it further.
Founded in 2013, the USOPF has raised nearly $230 million over the last four years to provide direct support to athletes. With the goal of raising $500 million by 2028, the foundation is working to ensure greater financial stability for Olympians, both during their careers and after retirement.
Gene Sykes, chair of the U.S. Olympic and Paralympic Committee (USOPC), called the donation “the biggest thing that anyone’s ever done to address” the needs of Olympians after their careers end. He also emphasized the symbolic value of Stevens’ contribution, highlighting how it reflects the Olympic spirit and the responsibility of individuals with great resources to support those in need.
“This 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 other people who need them,” Sykes said.
