The U.S. Olympic team’s fundraising arm is launching a donation drive with the goal of earning $500 million by the time the Summer Olympics return to Los Angeles in 2028.
Organizers launched the program on Monday, intending to capitalize on the enthusiasm of this year’s Olympics, which begin on July 26, to raise funding for the 4,000 to 6,000 athletes who fight for seats at both the Summer and Winter Games. Approximately 800 of them will land on U.S. teams during a four-year period.
US Olympic Fundraising Team Sets Audacious Goal Of Raising $500 Million By 2028
Unlike other Olympic teams, the United States team does not get government support and instead relies on donations (12% in 2022), sponsorships (50%), and NBC broadcast royalties (37%).
In 2008, at the insistence of then-chairman Peter Ueberroth, the United States Olympic Committee increased its fundraising efforts. The United States Olympic and Paralympic Foundation was established in 2013 as the organization’s primary fundraising vehicle.
USOPF president Christine Walshe expressed, “My biggest hope is that by investing, every American can feel like they are part of Team USA. Your support is crucial to our success.”
The current fundraising campaign, “One for All: The Campaign for Team USA,” has raised approximately $200 million of its $500 million target. This includes a recent $25 million pledge from philanthropists Mary and Mark Stevens, which Walshe described as “our most historic contribution to the Olympic movement.”
The monies are intended solely for programs that assist athletes throughout and after their careers in health and wellness, sports performance innovation, and athlete career and earnings. The USOPF also works with L.A. organizers to establish the “LA28 Athlete Performance Fund.”
US Olympic Fundraising Team Sets Audacious Goal Of Raising $500 Million By 2028
Walshe stated that 57% of U.S. athletes earn $50,000 or less per year and require assistance and incentives to stay in their sport and remain in the Olympic pipeline.
“They choose,” Walshe stated. “We want to make them excited to continue to choose” an Olympic road as a career option.
SOURCE | AP
