Latest news with #RossStevens
Yahoo
6 days ago
- Politics
- Yahoo
US Olympic and Paralympic Committee bans trans athletes ahead of LA Games
The US Olympic & Paralympic Committee (USOPC) announced it has banned transgender athletes from competing in women's sports on Tuesday, July 22. The news, which is the latest result of the Trump administration's attacks on trans athletes, comes as Los Angeles is gearing up to host the 2028 Summer Olympic and Paralympic Games. The USOPC–the governing body that oversees US participation in any Olympic or Paralympic event, as well as athlete well-being–sent a letter to Team USA community members stating that its rules surrounding transgender athletes had changed. According to the organisation's website, the USOPC issued the current version of its Athlete Safety Policy, which includes a new section under 'jurisdiction' entitled 'additional requirements', on June 18. Although the new amendment never explicitly references trans athletes, it states that the USOPC will work with stakeholders such as the International Olympic Committee 'to ensure that women have a fair and safe competition environment consistent with Executive Order 14201.' Named 'Keeping Men out of Women's Sports' by the Trump administration, Executive Order 14201 was signed by the US president on February 5. The policy attempts to ban trans women from all levels of national athletics by cutting federal funds from educational institutions that allow athletes to compete according to their gender identity. While the executive order states that the Trump administration will convene with representatives from major athletic institutions and governing bodies to promote the current US government's stance on trans athletes, the policy has no legally binding effect on organisations like the USOPC. 'As a federally chartered organization, we have an obligation to comply with federal expectations,' the letter announcing the USOPC's rule change said, as reported by The New York Times. View this post on Instagram A post shared by LA28 Olympic & Paralympic Games (@la28) Unlike most global national Olympic and Paralympic committees, the USOPC does not receive federal funding. Instead, the organisation receives most of its money from commercial and private donors. The USOPC recently received a record-breaking $100 million donation from Ross Stevens, who made headlines in 2023 for threatening to pull his $100 million donation from the University of Pennsylvania over allegations of antisemitism following Palestinian solidarity protests on campus. Two days after he called for a change in leadership at UPenn, university president Liz Magill resigned. How the new USOPC rules will be enforced regarding trans athletes remains unclear. The national governing bodies of specific sports that fall under the canopy of the USOPC have begun making rule changes. USA Fencing created a new policy on Friday, July 18, that prevents trans women from competing in women's categories. While the new rules will only impact Team USA, which has only had one openly trans athlete compete in the Olympics or Paralympics, changes at the international level could be coming. The IOC, which first allowed trans women to compete at the Olympics and Paralympics in 2004 and has since scaled back rules surrounding participation, recently elected a new president, Kirsty Coventry, who has previously supported barring trans athletes. And with the return of the Olympics and Paralympics to the US for the first time since 2002, trans rights in sports will likely remain a contested issue in the lead-up to the games. The post US Olympic and Paralympic Committee bans trans athletes ahead of LA Games appeared first on GCN.
Los Angeles Times
06-03-2025
- Business
- Los Angeles Times
Many U.S. Olympians struggle to get by. Now they'll get a $100,000 retirement boost
For many U.S. Olympic athletes, going for gold can also mean going broke as they shell out thousands of dollars for elite coaching and equipment while forgoing employment to train around the clock. Athletes have reported relying on food stamps, racking up credit card debt and resorting to crowdfunding to make it to the Games. On Wednesday, the United States Olympic and Paralympic Committee announced a new financial assistance program for all Team USA athletes — a $100,000 retirement benefit per each Olympic Games that they participate in. This program seeks to address the financial challenges athletes face, which 'have led many to choose between leaving their sports to find full-time work or continuing to train and compete while struggling with poverty or financial insecurity,' according to a 2024 report by the Commission on the State of U.S. Olympics and Paralympics. While a select few famous athletes make millions from sponsorship deals, many Team USA members struggle to make ends meet. Under the new program, athletes will be eligible to begin receiving their $100,000 retirement payments 20 years after the Games they competed in or when they turn 45, whichever comes later. The benefits add up over multiple Olympic Games, meaning that athletes who participated in three Games, for example, would receive $300,000 from the program. The benefits will be paid out over a four-year period. Because of the two-decade delay in payments, these benefits will not put an end to athletes' financial struggles while they are training. However, they will help to provide a safety net for when athletes' Olympic careers are over. USOPC Chair Gene Sykes called the program a 'springboard that will propel these athletes to even greater heights beyond their Olympic and Paralympic careers.' Ross Stevens, a Team USA supporter and the founder and chief executive of Stone Ridge Holdings Group, provided a $100-million donation — the largest in USOPC history — to establish the Stevens Financial Security Awards, which will provide the retirement benefits to athletes. 'I do not believe that financial insecurity should stop our nation's elite athletes from breaking through to new frontiers of excellence,' Stevens said in a statement. The Stevens Financial Security Awards will begin with the athletes who participate in the 2026 Milano Cortina Olympic and Paralympic Games and continue at least through the 2032 Games, with a goal of becoming a permanent program. In addition to the $100,000 retirement benefit athletes will gain for each Olympics they participate in, they will also accrue $100,000 in life insurance benefits, bringing the total financial benefits package to $200,000 per Games. Life insurance benefits will be distributed to athletes' family or chosen beneficiaries upon their death. The United States is one of the only countries that does not provide government funding to its Olympic athletes. Instead, the USOPC, the national governing body responsible for supporting and overseeing Team USA, is responsible for providing financial support for athletes in the form of stipends, grants and health insurance. They also provide direct payments of $37,500 for gold medals, $22,500 for silver and $15,000 for bronze. The USOPC operates entirely on private donations and sponsorships. For many athletes, this financial assistance is not enough to support them during training, according to the 2024 report. The report points to the experience of Olympic short-track skater Emily Scott, who struggled to get by on food stamps and a part-time job at a surgical supply factory after her USOPC monthly stipend was cut from $1,950 to $600 a month. 'The last thing you want to be worried about in a year like this is being able to pay your rent and eat, and you want to eat healthy,' she told USA Today in 2013. That was pretty hard. … But I'm not the only one suffering.' The report points out that financial challenges can be magnified for Paralympic athletes, who 'often face much higher costs for specialized training and adapted-sport equipment. ... Sports prosthetics and adaptive gear can cost thousands of dollars and are rarely covered by health insurance.' Many athletes rely on donations to make it to the Games. For the 2024 Paris Olympics, Team USA hopefuls raised more than $1 million on GoFundMe, according to reporting by USA Today. Sponsorships are also an important funding source for Team USA members. However, only the top tier of famous athletes — such as Simone Biles, Katie Ledecky and Michael Phelps — are able to secure corporate sponsorships that provide millions of dollars.
USA Today
05-03-2025
- Business
- USA Today
Team USA athletes to receive $200K for Olympic, Paralympic Games participation
Team USA athletes to receive $200K for Olympic, Paralympic Games participation Show Caption Hide Caption Olympic flag returns to Los Angeles ahead of LA28 Games Olympic flag arrives in Los Angeles, host city for 2028 Games Athletes who represent Team USA at the Olympic or Paralympic Games will be eligible to receive at least $200,000 in post-retirement benefits as part of a new support plan announced Wednesday. The plan, fueled by a $100 million donation by philanthropist Ross Stevens, will allow each Team USA athlete to receive a "Stevens Financial Security Award" consisting of two six-figure payments. Eligible athletes will be able to access $100,000 over a four-year period following the end of their Olympic or Paralympic careers − specifically, 20 years after their qualifying Games or when they turn 45 years old, whichever is later. Their families or beneficiaries will also receive $100,000 upon their death. In a statement announcing the plan, the U.S. Olympic and Paralympic Committee added that the benefits will multiply with each additional iteration of the Games in which the athlete competes − meaning a two-time Olympic athlete would receive $400,000, and a three-time Paralympian would be eligible to receive $600,000. "Because of Ross' extraordinary generosity and philanthropic creativity, we can create more than a financial safety net," USOPC chairman Gene Sykes said in a statement. "We can build a springboard that will propel these athletes to even greater heights beyond their Olympic and Paralympic careers." The USOPC said the $100-million "anchor funding gift" from Stevens, the CEO and founder of Stone Ridge Holdings Group, made the program possible. It is the largest single gift in the organization's history. "Team USA athletes, extraordinary individuals, have proven they can achieve greatness and represent our incredible country with pride," Stevens said in a statement. "The Stevens Awards honor the sacrifices they have made on behalf of all Americans while inspiring the development of their dreams in the post-Games chapter of their lives." The post-retirement support program offers a creative solution to one of the fundamental issues in Olympic and Paralympic sports. Unlike in major professional team sports, where athletes have the security of a contract that pays out regardless of performance or injury, most Olympic and Paralympic athletes rely on sponsorship deals and appearance fees to make up the majority of their income. For big stars like gymnastics gold medalist Simone Biles and 100-meter champion Noah Lyles, those income streams are massive. But for the average Olympic athlete in a sport like table tennis or water polo, they are usually not available. "The reality is that's only the top 5%," water polo player Kaleigh Gilchrist said last summer. "The rest of us are living paycheck by paycheck." National governing bodies and international federations have offered various stipends to help fund athletes' training and support them during their careers. The USOPC also pays athletes who medal at the Olympic or Paralympic Games; In 2024, they received $37,500 for every gold medal, $22,500 for every silver and $15,000 for every bronze. Yet because so much of the money is dependent on performance, many athletes feel it's not enough − especially for early-career Olympic athletes, who are trying to get a foothold as a professional. A 2020 survey of nearly 500 elite athletes across 48 countries by advocacy group Global Athlete found 58% of respondents didn't consider themselves financially stable. The USOPC said the Stevens Awards will help address this issue by providing the sort of savings that Olympic and Paralympic athletes do not have a chance to accrue. "Admiration of U.S. Olympians and Paralympians is uniquely bipartisan, uniting all Americans, and reminding us of our shared humanity," Stevens said. Contact Tom Schad at tschad@ or on social media @ (This story has been updated to add a video.)
Reuters
05-03-2025
- Business
- Reuters
Philanthropist Ross Stevens to pay U.S. Olympians $200K
March 5 - Philanthropist Ross Stevens made a $100 million donation to support United States Olympic and Paralympic athletes with a post-retirement plan worth up to $200,000 per participant. The U.S. Olympic and Paralympic Committee said Wednesday the gift was the largest single monetary donation in the history of the organization. Stevens launched the fund to reward American athletes for sacrificing other opportunities to train for an opportunity to represent Team USA. "Team USA athletes, extraordinary individuals, have proven they can achieve greatness and represent our incredible country with pride," Stevens said in a statement. "The Stevens Awards honor the sacrifices they have made on behalf of all Americans while inspiring the development of their dreams in the post-Games chapter of their lives." Several athletes at the 2024 Paris Games said the perception of sponsorship and endorsement payments sustaining amateurs is accurate only for the best known of Team USA members, such as gymnast Simone Biles or swimmer Katie Ledecky. An estimated 90 percent of Team USA athletes participating in the Olympic and Paralympic Games are paid only small stipends and describe economic stability as "paycheck to paycheck." All Team USA athletes would be eligible to receive the "Stevens Financial Security Award," the USOPC said. A one-time Olympic participant is eligible to receive $100,000 over a four-year period 20 years after their qualifying Games or when they turn 45, whichever is later. A two-time U.S. Olympian or Paralympics athlete would be eligible for $400,000 in post-career benefits, increasing another $200,000 for a three-time participant to $600,000. Designated athlete beneficiaries also will receive $100,000 upon their death. "Because of Ross' extraordinary generosity and philanthropic creativity, we can create more than a financial safety net," USOPC chairman Gene Sykes said in a statement. "We can build a springboard that will propel these athletes to even greater heights beyond their Olympic and Paralympic careers." The USOPC is a "mission driven non-profit" and receives no government funding. Multiple US athletes said in Paris they pay five figures for coaching, lodging, food, gym access and related Olympics-training expenses. The most successful US athletes have made six-figure salaries using appearance fees, corporate sponsorship and other endorsements. Winning is the only other route to a guaranteed USOPC payment. Men's swimmer Caeleb Dressel received $187,500 total for his five Gold medals at the Tokyo Games. The USOPC pays Team USA medalists $37,500 for winning gold, $22,500 for silver and third-place or bronze finishers take home $15,000. The 2024 commission on the State of the U.S. Olympics & Paralympics found 26.5 percent of high-performance American athletes earn an annual total of less than $15,000 a year and more than one-third of athletes earn less than $25,000 per year.
Yahoo
05-03-2025
- Business
- Yahoo
Team USA athletes to receive $200K for Olympic, Paralympic Games participation
Athletes who represent Team USA at the Olympic or Paralympic Games will be eligible to receive at least $200,000 in post-retirement benefits as part of a new support plan announced Wednesday. The plan, fueled by a $100 million donation by philanthropist Ross Stevens, will allow each Team USA athlete to receive a "Stevens Financial Security Award" consisting of two six-figure payments. Eligible athletes will be able to access $100,000 over a four-year period following the end of their Olympic or Paralympic careers − specifically, 20 years after their qualifying Games or when they turn 45 years old, whichever is later. Their families or beneficiaries will also receive $100,000 upon their death. In a statement announcing the plan, the U.S. Olympic and Paralympic Committee added that the benefits will multiply with each additional iteration of the Games in which the athlete competes − meaning a two-time Olympic athlete would receive $400,000, and a three-time Paralympian would be eligible to receive $600,000. "Because of Ross' extraordinary generosity and philanthropic creativity, we can create more than a financial safety net," USOPC chairman Gene Sykes said in a statement. "We can build a springboard that will propel these athletes to even greater heights beyond their Olympic and Paralympic careers." The USOPC said the $100-million "anchor funding gift" from Stevens, the CEO and founder of Stone Ridge Holdings Group, made the program possible. It is the largest single gift in the organization's history. "Team USA athletes, extraordinary individuals, have proven they can achieve greatness and represent our incredible country with pride," Stevens said in a statement. "The Stevens Awards honor the sacrifices they have made on behalf of all Americans while inspiring the development of their dreams in the post-Games chapter of their lives." The post-retirement support program offers a creative solution to one of the fundamental issues in Olympic and Paralympic sports. Unlike in major professional team sports, where athletes have the security of a contract that pays out regardless of performance or injury, most Olympic and Paralympic athletes rely on sponsorship deals and appearance fees to make up the majority of their income. For big stars like gymnastics gold medalist Simone Biles and 100-meter champion Noah Lyles, those income streams are massive. But for the average Olympic athlete in a sport like table tennis or water polo, they are usually not available. "The reality is that's only the top 5%," water polo player Kaleigh Gilchrist said last summer. "The rest of us are living paycheck by paycheck." National governing bodies and international federations have offered various stipends to help fund athletes' training and support them during their careers. The USOPC also pays athletes who medal at the Olympic or Paralympic Games; In 2024, they received $37,500 for every gold medal, $22,500 for every silver and $15,000 for every bronze. Yet because so much of the money is dependent on performance, many athletes feel it's not enough − especially for early-career Olympic athletes, who are trying to get a foothold as a professional. A 2020 survey of nearly 500 elite athletes across 48 countries by advocacy group Global Athlete found 58% of respondents didn't consider themselves financially stable. The USOPC said the Stevens Awards will help address this issue by providing the sort of savings that Olympic and Paralympic athletes do not have a chance to accrue. "Admiration of U.S. Olympians and Paralympians is uniquely bipartisan, uniting all Americans, and reminding us of our shared humanity," Stevens said.(This story has been updated to add a video.) This article originally appeared on USA TODAY: Olympic athletes will get paid $200K after competing in Games
