The International Olympic Committee will award more than 300 medals during the Paris Games, but will not hand out any cash.
“There’s a perception that the Olympics have always been about trying to get the best results, not about financial reasons,” said Ben Bloom, a sports journalist who covers the Games. olympic games More than ten years.
“Athletes in every sport in the Olympics are dissatisfied with the financial compensation they receive for their stardom. Without them, there would be no Olympics,” Bloom told reporters. CNBC Sports Channel.
sports governing body world athletics Deficits are being made up to some extent. Gold medalists in 48 events will receive cash prizes of $50,000, with the bonuses to be expanded to silver and bronze track and field medalists in 2028.
What about the countries these athletes represent?
“Some countries do give athletes financial rewards, and some countries reward them quite generously,” Bloom said.
For example, gold medalists from Hong Kong or Singapore can expect Over $700,000 Get on the podium. However, other countries such as the UK, Sweden and Norway do not offer cash prizes.
That makes profiting from Olympic success more complicated than you might think.
Sponsorships and grants play a role, but an unfortunate turn of events like an injury can easily derail those revenue streams.
“Early on, I had a lot of help and support from my sponsors,” said Desiree Henry, a sprinter who will represent Great Britain in Paris 2024. “But, as many athletes know, injuries can It’s not just a physical issue.
“A lot of athletes, that’s what we’re looking for, that opportunity, just to be able to train full time because we know what we can achieve. But we also know the reality is things are expensive and we do need financial help and support, Henry added.
Watch the video above to learn more about how Olympic athletes achieve their dreams.
Did you miss The Business of Elite Athlete Part 1? Watch it here.
