While the Olympic Games might thrust athletes into glory, they don’t necessarily ensure financial security. More than a quarter of high-performance U.S. athletes bring home less than $15,000 a year, according to a recent report on the state of U.S. Olympics and Paralympics. With a $100 million pledge to a nonprofit supporting Team U.S.A., financier Ross Stevens is hoping to change that. His gift will provide much-needed financial support to competing American athletes, offering them at least $200,000 worth of post-retirement benefits through the newly created Stevens Financial Security Awards.
“The Olympic and Paralympic Games are the ultimate symbol of human excellence,” said Stevens, the founder and CEO of the asset manager Stone Ridge Holdings Group, in a statement. “I do not believe that financial insecurity should stop our nation’s elite athletes from breaking through to new frontiers of excellence.”
Anchored by his gift, the Stevens Awards will kick in for athletes competing in the upcoming 2026 Olympic and Paralympic Games in Milan and continue at least through the 2032 Games in Brisbane. The first portion of benefits will see $100,000 each given to athletes either 20 years after their initial qualifying Games or when they reach 45 years of age—whichever comes later. The funds will be paid out over four years and can be used for any purpose. Another $100,000 will go to the families or chosen beneficiaries of athletes upon their death.
For each Olympic or Paralympic Games an athlete partakes in, this $200,000 benefit is multiplied. For example, an athlete who competes in three Games over the course of their career would be eligible for $600,000 in funds. This “multiplier effect” was included to increase the likelihood that athletes continue competing, said the U.S. Olympics and Paralympics Committee (USOPC) in a press release, noting that 60 percent of U.S. medals come from athletes who participated in previous games.
This isn’t Stevens’ first foray into philanthropy—he previously donated $100 million to support a business Ph.D. program at the University of Chicago and helped establish a fintech center at the University of Pennsylvania’s Wharton School. In light of his newest gift, Stone Ridge will match the contribution of any Stone Ridge employee to the Stevens Award dollar for dollar.
“Ross’s gift is extremely innovative in its design,” said Ted Mathas, senior advisor to Stone Ridge, in a statement, adding that Stevens “personally designed it to meet the needs of Olympic and Paralympic athletes, both in terms of current income and ultimate protection for their families.”
Who’s eligible?
Eligibility for the Stevens Award could be impacted by a yet to be defined “morality clause,” a USOPC spokesperson told Observer. Athletes who already make $1 million or more annually won’t be allowed to receive its benefits—putting well-paid players like LeBron James, Stephen Curry and Kevin Durant out of the running.
But while some U.S. Olympians and Paralympians make nine-figure earnings through lucrative salaries and endorsement deals, much of Team U.S.A. is less financially secure. Maggie Steffens, captain of the U.S. women’s water polo team, last year revealed that many of her teammates work second or third jobs to support their athletic dreams. And canoer Nevin Harrison said that winning an Olympic medal—which comes with USOPC payouts of $37,500, $22,500 and $15,000 respectively for gold, silver and bronze—could determine “what apartment I live in next year,” in a July interview with the Associated Press.
“These extraordinary individuals have committed their lives to their sport, often at the expense of traditional career paths and financial savings,” said Gene Sykes, USOPC chair, in a statement. “As they approach the end of their competitive journeys—often as young as 25 or 30—many face a daunting reality: the lack of financial savings to support them and their loved ones in their post-athletic life.”
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