How does sponsorship work for Olympic athletes? ?

Question

I see that a lot of athletes are endorsed/sponsored by companies, sometimes multiple companies.

What does that mean and who contacts who for the sponsorship?

Answer 1

I can't really speak for sponsorship for athletes on the grander scale like Michael Phelps or Michael Jordan but I can speak about the smaller scale.  I'm a competitive rower who trains with olympic/national team hopefulls and a few of my peers actually have gotten sponsorships.  Usually the athlete contacts a prospective sponsor (usually a company sports related) with a proposal.  If accepted and each party agrees on the terms then viola the athlete is sponsored.  A buddy of mine had to put the company's decals on his boat for exposure and in return he got $1000 each month towards his training.  Can't really live off of that but it helps for travel costs and entry fees.  Most of us have to work full time.

I'm sure on a larger scale like Michael Jordan and especially now with Phelps they have potentially sponsors knocking down their door because it's great exposure for the company.  Of course Nike wants "Air Jordan" on their products.  If you go on Michael Phelp's website you'll notice a section on sponsorship and contact information for anyone who is interested to sponsor him.

Answer 2

the manager, coach or the athletes themself

World travel, Training in gyms daily is all very expensive.

So you get some companies name on your shirt and they pay out big money.