Benefactors help fund USA Wrestling

August 10, 2016

The NY Times reports on the big paydays that U.S. Olympic wrestlers might attain if they are able to reach the medal stand in Rio.  This is due to wealthy donors supplementing the income of amateur wrestlers.

Notably, Jordan Burroughs could earn $500,000 if he strikes gold once again in Rio.  Burroughs earned a gold medal in the 2012 Olympics in London.

The bonuses are courtesy of former wrestlers that went on to successful and lucrative careers.  They are helping fund the athletes due to their passion for the sport.

The article names Mike Novogratz and David Barry as the major donors helping Team USA.  They established a fund which helps wrestlers train for the and keep their dreams of the Olympics alive.   The article states that the fund has dispersed $1.225 million to both male and female amateur wrestlers.

The US Olympic Committee pays $25K to gold medalists, $15K for silver and $10K for bronze.   The extra cash from the fund would help the athletes as most do not receive healthy sponsorships as some swimmers, track athletes or gymnasts may receive.

Burroughs received a $250,000 bonus for his win in 2012.  Burroughs paid off his house and paid for his wedding with the money.  He has been offered double if he wins again in Rio.

Payout Perspective:

This is a nice story considering that most Olympic sports will not have a professional future.  Thus, the extra money given by Novogratz and Barry are great for the athletes.  Not only does it keep athletes like Burroughs in the sport (instead of gravitating to MMA or pro wrestling), it promotes the sport as more Americans will see the success of it.

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