The U.S. Olympic team's fundraising arm is ramping up its donation efforts with a goal of raising $500 million by the time the Summer Olympics return to Los Angeles in 2028.
Organizers announced the program Monday, hoping to use the momentum of this year's Olympics, which begin July 26, to raise funds for the 4,000 to 6,000 athletes competing for spots in both the Summer and Winter Games, about 800 of whom will make the U.S. national team over the next four years.
Unlike most Olympic teams, the U.S. team does not receive government funding and relies primarily on donations (12% in 2022), sponsorships (50%) and broadcast royalties from NBC (37%).
At the urging of then-president Peter Ueberroth, the United States Olympic Committee began to get serious about fundraising in 2008, and in 2013 established the United States Olympic & Paralympic Foundation as its main fundraising organization.
“My greatest hope is that every American feels a part of Team USA through their investment,” said USOPF President Christine Walsh.
The current fundraising campaign, called “One for All: The Team USA Campaign,” has raised nearly $200 million of its $500 million goal, including a recent $25 million donation from philanthropists Mary and Mark Stevens, details of which were revealed Monday and which Walsh called “the most historic contribution in the Olympic movement.”
The fund will be used exclusively for programs that support athletes during and after their playing days in three areas: health and wellness, sports performance innovation, and athlete careers and income. The USOPF is also working with the LA organizers to establish the “LA28 Athlete Performance Fund.”
Shakari Richardson of the United States celebrates after winning gold in the women's 100 meters final at the World Athletics Championships in Budapest, Hungary, on Aug. 21, 2023. Photo by AP/Petr David Josek
Walsh said 57 percent of U.S. athletes earn less than $50,000 a year and need support and incentives to stay competitive and remain in the running for the Olympics.
“They're making a choice,” Walsh said, “and we want them to be excited about continuing to choose the Olympic path as a career option.”
