Does Michael Phelps get money for his wins?

Question

He got so many gold medals in Beijing, but does he get money? If so, how much? Are these athletes rich? Or do they just win the medals and thats it??

Answer 1

No Michael doesn't get paid from the USA to win any medals. The US does NOT pay their althetes, however, Speedo offered a challenged to him that if he won 7 gold medals they would pay hm a million dollar bonus on top of his contract that he has with them. But because of his celebrity his agent say that he will have sponsorship deals that could total as much as 100 million dollars.

Answer 2

The Olymipcs are supposed to be for amateur athletes who by definition do not get paid for performance in their chosen sport.  Therefore, the answer to your question is no...Phelps does not get paid for winning any medals.  However, he may be offered endorsement deals and those he will get paid for.  So while winning gold medals may open the door to the opportunity to make money, simply sinning the medals does not carry with it a paycheck.

Answer 3

He gets paid from his sponsors like Nike and Speed-o. In the Olympics you're not supposed to pay the athletes but some countries do. I've heard that for each medal the US receives, the athlete gets over 50,000. In some countries they give you a house, money and you're a national hero.

Answer 4

The U.S. Olympic Committee is paying $25,000 per gold medal

The U.S.  Swimming is the governing body, and they might offer more, but I have seen anything specifically

Sponsors also have their own reward system

plus

his endorsement deals are more than likely through the roof right now

-------

This is from 2004 Go down to where is says U.S.

http://nbcsports.msnbc.com/id/5747929/

Answer 5

yes they get money. im not sure how much but im sure it's a lot..and sometimes they get other things. i've seen past winners get a motorcycle and things like that.

Answer 6

Michael Phelps is a pro swimmer...meaning he accepts endorsements from sponsors.

The Baltimore Sun stated that he has made around 5 million annually from endorsements from Speedo, Visa, Omega, and Power Bar.

He was also eligible for a 1 million dollar bonus if he won 8 gold medals in Athens, but missed that opportunity. But since he did accomplish that feat in Beijing, he did receive that bonus.