The Price of Chasing Gold: Training Costs of an Olympian

A lot of Olympians get popular in their own country. But, on average, they don’t become rich. That’s because a lot of sports just don’t bring enough money, so their athletes can live off it. For most of them, training is the biggest problem.

Coaching and Facilities Aren’t Free

Of course, it depends on the sport, but elite coaches can cost up to $20,000 per year. That’s not even for 24/7 support, it’s just for training. Sports that require the most money are not well paid compared to other sports.

For example, figure skaters may spend $30,000-$50,000 annually just to keep up with training. Facilities like pools, tracks, or rinks often charge for success. If they are not backed up by a national program or a private sponsor, the chances of success are much lower.

Annual Cost by Sport for Olympians in the US

These are estimated numbers, so you can have an idea of which sport is a big risk as an investment.

• Swimming - $100,000 per year

Club fees for swimmers are around $1500 to $3000. Travel is most expensive, around $20k for major events. The rest includes equipment, specialized coaching, nutrition, physiotherapy, and recovery costs.

• Track & Field - $20,000 per year

Fun fact for track stars is that they can change over 6 pairs of shoes per season just because of extensive training. Only the top 10 will earn around $15k per year from prizes, but a lot of money comes from sponsors.

• Tennis - $150,000 to $500,000 per year

Individual sports are quite a risky investment. Tours are played all over the world. There’s a cost of coaches and great travel with the players. You’ve seen players breaking their rackets, which cost around $300. Imagine how many are broken during practice.

• Fencing - $20,000 per year

The problem with fencing is that athletes reach peak performance after 15 years of training. Among the top 10, 6 are over 30 years old and still going.

• Cycling - $3,000 (without gear)

With equipment, the expenses can go over $10,000. Without so many sponsors, cycling would be in a crisis.
 

Basketball and Soccer

The two sports most people are interested in around the world require around $50,000 to $100,000 of investment for caps, coaches, travel, etc. Yes, this is per person, but it’s nothing compared to the revenue they are generating.

The amount of money they get for winning a medal is nothing compared to the glory. That’s why you won’t see so many famous athletes at the Olympics (they care about money first).

Do They Ever Make the Money Back?

In the US, athletes get $37,500 for the gold medal, which is nothing for some sports and their expenses. Some may prefer to get Chinese citizenship since some of their athletes get six-figure payouts.

It’s estimated that only the medalists or the top 5 in the country who qualify for the Olympics can earn their money back or be in profit. The rest of them will have to keep dumping money and train more.