Help me with swimming questions?

Question

Can anyone tell me how do swimmers like ( Michael Phelps ) or any others earn money? Do they ear money based on how many medals they win or what? Also, how do they sign the contracts? Do the contracts come to them? ( speedo ) ? Please help me !!!!!

Answer 1

Yes, I think they do get money for earning the medals, and companies like Speedo pay him a lot for a contract.

Answer 2

Some countries do pay for medals. And the USA is one of those countries. Additionally, once they make the team, they usually have their uniforms, travel, etc covered. But most athletes at the level of Phelps make most of their money from endorsements. While Phelps is not on par with, say, Tiger Woods, he's made millions of dollars from endorsements from companies like Speedo and Visa.

Actually, Speedo is giving him a $1 million bonus if he gets 7 gold medals this Olympics.

Answer 3

Yes,to all, but mostly from endorsements. They also have training expenses covered