US Olympic fundraising team sets audacious goal of raising $500 million by 2028

By: Eddie Pells, The Associated Press Posted: 9:06 AM CDT Monday, Jul. 15, 2024

The fundraising arm for the U.S. Olympic team is revving up a donation drive aimed at raising $500 million by the time the Summer Olympics return to Los Angeles in 2028.

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The fundraising arm for the U.S. Olympic team is revving up a donation drive aimed at raising $500 million by the time the Summer Olympics return to Los Angeles in 2028.

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This article was published 15/07/2024 (443 days ago), so information in it may no longer be current.

The fundraising arm for the U.S. Olympic team is revving up a donation drive aimed at raising $500 million by the time the Summer Olympics return to Los Angeles in 2028.

Organizers rolled out the program Monday, hoping to use the momentum of this year’s Olympics, which begin July 26, to bring in funds for the 4,000 to 6,000 athletes who compete for spots at both the Summer and Winter Games, about 800 of whom land on the U.S. rosters over a four-year period.

Unlike most Olympic teams, the U.S. team does not receive government funding and relies mainly on fundraising (12% in 2022), sponsorships (50%) and broadcast royalties from NBC (37%).

FILE - Simone Biles and the U.S. women celebrate as the 2024 team is named at the United States Gymnastics Olympic Trials on Sunday, June 30, 2024, in Minneapolis. (AP Photo/Abbie Parr, File)

At the urging of then-chairman Peter Ueberroth, the U.S. Olympic Committee got more serious about fundraising in 2008. In 2013, it created the U.S. Olympic and Paralympic Foundation as its main fundraising organization.

“My biggest hope is that every American can feel part of Team USA by investing,” USOPF president Christine Walshe said.

The current fundraising campaign, called “One for All: The Campaign for Team USA,” has brought in around $200 million of its $500 million target. That includes a recent $25 million donation, details of which were revealed Monday, from philanthropists Mary and Mark Stevens that Walshe called “our most historic contribution in the Olympic movement.”

The funds are designated strictly for programs that help athletes both during and after their careers in three areas: health and wellness, sport performance innovation and athlete career and earnings. The USOPF is also collaborating with LA organizers to create the “LA28 Athlete Performance Fund.”

Walshe said 57% of U.S. athletes earn $50,000 or less a year, and need support and incentive to stay in their sport and remain in the Olympic pipeline.

“They choose,” Walshe said. ”We want to make them excited to continue to choose” an Olympic pathway as a possible career choice.

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AP Summer Olympics: https://apnews.com/hub/2024-paris-olympic-games