The move helped him win gold in January at the Winter X Games in Aspen, Colo., and padded his status as an action sport superstar. He also padded his wallet with US$40,000 in prize money. But compared to what he earns from sponsors, that was pocket change. Last year 23-year-old White pocketed US$7.5-million from the likes of snowboard-maker Burton, Red Bull, Target, goggle-maker Oakley, game-maker Ubisoft and AT&T, making him one of the highest-earning athletes appearing at the 2010 Winter Olympics in Vancouver
Sharing that top honour is South Korea's Kim Yu-Na, who is also making top dollar for her dynamic aerial skills -- but on ice skates. Last year her triple-triple combination jumps helped her earn the titles of World Champion, Grand Prix Final Champion and Four Continents Champion, and brought her nearly US$150,000 in prize money. They also helped the 19-year-old become a marketing darling in her home country, where she earned US$7.5 million from sponsors like Hyundai Motor, Kookmin Bank, Nike, Procter & Gamble, to name just a few. Her Samsung Electronics "Yu-Na Haptic" style phone, launched in May of last year, broke a company record in December when unit sales broke the 1 million mark in less than seven months.
Our list of the highest-earning athletes of the Winter Olympic looks at earnings derived from prize money, endorsements, licensing income and bonuses for the 2009 calendar year and does not deduct for taxes or agents' fees. All salaried professional athletes, specifically National Hockey League players, were excluded from the list.
In terms of earning potential, White and Yu-Na are typical Olympic athletes. They are dependent on sponsors, rather than competition prize money, to make a living in their sport. But the recent economic downturn has made it harder to turn gold medals into cash. Already at a disadvantage compared to most of their Summer Olympic siblings whose sports are more popular and marketable (think swimming's Michael Phelps or gymnastics' Mary Lou Retton), many Winter Olympian hopefuls have struggled with the loss of sponsors leading to the 2010 Vancouver games. Even White lost deals with American Express and Hewlett-Packard.
No Olympic hopefuls' struggles have been more public than the U.S. speedskating team. Its ability to even pay for practice ice time were put in serious peril in October when it lost its sponsor Dutch Bank DSB, who had a four-year agreement worth US$350,000 a year, including US$50,000 for athlete performances. An unlikely lifeline came from Comedy Central's Stephen Colbert, who raised US$300,000 in donations online and whose Colbert Nation became the team's official primary sponsor for the upcoming games. But the financial crisis the team faces is a problem that goes beyond just the Olympics. With no major sponsor lined up for next year, the team's growth is in jeopardy.
Five-time Olympic medalist in short-track speed skating (and 2007 Dancing With the Stars champion) Apolo Anton Ohno has helped himself by negotiating his own marketing deals outside his team. For his efforts the 27-year-old ranks No. 5 on our list, having earned US$1.5 million last year through endorsements with Coca-Cola, AT&T, Alaska Airlines and Procter & Gamble. His most recent endorsement with Nestle has paired him in an advertising campaign with 2008 Beijing Olympic gold medal gymnast, Shawn Johnson.
Skiers, too, felt the economic pinch. Equipment supplier Rossignol asked its athletes to take a 50% reduction in their agreed-upon income, a move it said was necessary to stay afloat during the economic crisis. It prompted American Lindsey Vonn, two-time World Cup overall champion, to switch to equipment maker Head in a deal that lasts through 2014. Combined with her sponsorships from Red Bull, Under Armour, Procter & Gamble and recent addition Rolex, Vonn earned US$2.5 million last year and another US$350,000 in prize money, making her No. 3 on our list of highest-earning Winter Olympians.
Then there is prolific and capricious skier Bode Miller, who recently rejoined the U.S. ski team and qualified for his third Olympics. He earned US$1.3 million last year from sponsors, including Nike, Head and Superfund, and in prize money on the World Cup circuit to rank No. 6 on our list. His way to deal with lagging sponsorship for Winter Olympians? Go after the Summer Olympians' money. The 32-year-old recently announced he intends to compete in the U.S. Tennis Association's newly created national playoff tournament in hopes of landing a spot in the U.S. Open in August
Comments