Fundraising Campaign Launched by US Olympic Team to Raise $500 Million by 2028

U.S. Olympic Fundraising Team Sets Audacious Goal of Raising $500 Million by 2028

New York, Jul 15 (AP) – The fundraising arm for the U.S. Olympic team has announced a bold donation drive with the aim of raising a staggering $500 million by the time the Summer Olympics return to Los Angeles in 2028.

Organizers unveiled the ambitious program on Monday, hoping to leverage the excitement of this year’s Olympics, which are set to kick off on July 26, to generate funds for the 4,000 to 6,000 athletes who compete for spots at both the Summer and Winter Games. Approximately 800 of these athletes make it onto the U.S. rosters over a four-year period.

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

The fundraising efforts were intensified in 2008 at the behest of then-chairman Peter Ueberroth, leading to the establishment of the U.S. Olympic and Paralympic Foundation in 2013 as the primary fundraising organization.

USOPF president Christine Walshe expressed her hope that every American can feel like a part of Team USA by contributing to the cause.

The current fundraising campaign, named “One for All: The Campaign for Team USA,” has already raised around $200 million of its $500 million target. This includes a recent $25 million donation from philanthropists Mary and Mark Stevens, which Walshe described as “our most historic contribution in the Olympic movement.”

The funds raised will be allocated to programs that support athletes both during and after their careers, focusing on health and wellness, sport performance innovation, and athlete career and earnings. The USOPF is also collaborating with LA organizers to establish the “LA28 Athlete Performance Fund.”

According to Walshe, 57% of U.S. athletes earn $50,000 or less annually and require support to stay in their sport and continue in the Olympic pipeline.

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

The push to raise $500 million is not just about funding the present generation of athletes but also ensuring the sustainability of the Olympic movement in the United States for years to come.