The fundraising arm of the U.S. Olympic team has launched a donation campaign with the goal of raising $500 million before the 2028 Summer Olympics return to Los Angeles.
Organizers have rolled out the program On Monday, the hope is to use the momentum from this year’s Olympics, which begin July 26, to raise money for the 4,000 to 6,000 athletes vying for spots in both the Summer and Winter Games. About 800 of them will land in the U.S. over a four-year period.
Unlike most Olympic teams, the U.S. team receives no government funding and relies primarily on fundraising (12% in 2022), sponsorships (50%) and royalties from NBC (37%).
At the urging of then-president Peter Ueberroth, the U.S. Olympic Committee began taking fundraising more seriously in 2008. In 2013, the U.S. Olympic and Paralympic Foundation was established as the primary fundraising organization.
“My greatest hope is that every American can feel part of Team USA by investing,” said Christine Walshe, President of USOPF.
The current fundraising campaign, called “One for All: The Campaign for Team USA,” has raised about $200 million of its $500 million goal. That includes a recent $25 million donation, details of which were revealed Monday, from philanthropists Mary and Mark Stevens which Walshe called “our most historic contribution to the Olympic movement.”
The funds are strictly for programs that help athletes during and after their careers in three areas: health and wellness, sports performance innovation, and athlete careers and earnings. The USOPF is also working with LA organizers to create the “LA28 Athlete Performance Fund.”
According to Walshe, 57% of American athletes earn $50,000 or less a year and need support and incentive to stay in their sport and be part of the Olympics.
“They choose,” Walshe said. “We want to get them excited about continuing to choose an Olympic path as a possible career choice.
___
AP Summer Olympics: https://apnews.com/hub/2024-paris-olympic-games