Mark Conrad, director of the Gabelli School Sports Business Initiative, told CNN that while some Olympic athletes are able to earn money or equipment for their success through endorsements, big payouts are usually reserved for the superstars.
[A]ccording to Mark Conrad, a professor of law and ethics at Fordham University Gabelli School of Business, that model isn’t likely to change anytime soon.
“I don’t see the day that all Olympic athletes will be paid by the IOC, because the IOC has never thought of them as a labor force – which in some ways they are, because they’re providing entertainment for a mass audience as well as wanting to compete and win medals,” Conrad told CNN.
But, according to Conrad, the process of receiving money through sponsorships is weighted heavily in favor of the superstar athletes, with many of the lesser-known Olympic participants forced to spend their own money to fund their way.
“Getting those endorsements is not easy. I mean, you really have to be Simone Biles level or Sha’Carri Richardson level to get significant endorsement money,” Conrad explained.
For example, Biles earns $7 million from endorsements, according to Forbes.
“What sometimes companies will do, and it really depends on the level one is in, their endorsement deal will be free equipment and a few promotional events, but not a lot of money. And chances are it’s going to be the Olympic champions who will then get an endorsement for a lot of money.”
