Beyond Medals: How Athletes Use the Olympics to Woo Sponsors

As thousands of athletes step onto fields, floors, and pool decks in Paris, they’re not just competing to win gold. They’re also competing to secure sponsorship deals that could propel their earning potential well beyond the 2024 Olympic games.

While big names like gymnast Simon Biles and swimmer Caeleb Dressel already are the faces of General Mills and Speedo respectively, up-and-coming athletes often don’t see a bump in income from partnerships when they start out.

“There’s this misconception that you’re good enough to go to the Olympics so the amount of money you make should match how elite you are as an athlete,” says Yulin Olliver, a sports agent and founder of For Us By Us Sports Management. “It’s not uncommon for athletes to be raising money through GoFundMe to get there.”

Indeed, endorsement deals can produce a wide wealth gap. While high-profile Olympians can bring in anywhere from half a million to $4 million annually, lesser- known athletes – particularly those in niche or newer sports like skateboarding and breaking – may only garner $10,000.

In sports that are newer to the Olympics, such as surfing, skateboarding, and BMX freestyle, there are several types of partnerships that differ from the large sponsorship deals that involve leagues or associations. “Flow” occurs when a company provides an athlete with equipment and gear for free but doesn’t pay them. Endemic deals involve brands that contribute to the industry – say, swimwear company TYR sponsoring a diver – while non-endemic deals are when brands not tied to the sport partner with athletes (for example, Comcast  sponsoring track and field athlete Anna Hall).

Athletes, often via agents, try to diversify their partnerships for maximum earning potential. Olliver’s client Poe Pinson, who went into the Games as one-to-watch in skateboarding, is sponsored by Nike Skateboarding, grip tape company Mob Grips, and Thread, a wallet and bag maker, among others. “In some ways I get to be a matchmaker,” Olliver says of the process of aligning athletes with brands and vice-versa.

Then there’s deciding what a sponsorship deal entails, which can often look like a menu of sorts. A deal may include asking athletes to put company logo stickers on their gear or apparel, wearing temporary tattoos on their arms or legs, using certain hashtags on social media, attending product launches or private corporate events for autograph signings, and lending their image for virtual reality or digital avatars. “It’s all very nuanced, but often boils down to a checklist of obligations,” Olliver says.

Using the Games as a Springboard

The Olympics present a variety of ways for athletes to introduce themselves to brands. While the most obvious strategy is by winning gold with stellar performances, athletes can also secure partnerships by sharing authentic personal stories, leveraging social media, and advocating for specific causes. Tom Daley, a British diver who won silver in the synchronized 10-meter platform dive, has made headlines for his openness about being a gay athlete, which helped him attract sponsors Adidas and retailer Argos, which place a premium on inclusivity. And Daley garnered more media coverage when he credited his husband for taking on the majority of childcare duties so he could train for the games.

Another way to woo brands is by telling an athlete’s journey of how they got to the Olympics in a “Road to Paris”-type partnership that starts before the Games. “Since nobody knows who will be the gold medalist for a long time, brands can partner with an Olympic hopeful and have more than six months, versus one day, to spotlight athletes,” Olliver says. “It allows brands to really focus on their target demographics.” For example, in the beginning of the year, Delta Airlines, the official airline carrier for Team USA, started following 15 athletes, including wheelchair rugby’s Chuck Aoki, skateboarding’s Jagger Eaton, and water polo’s Ashleigh Johnson, as they trained for Paris 2024.

Not surprisingly, a robust social media presence and strong engagement data are table stakes and often are some of the first things brands look for when assessing individuals for sponsorship. Brands are not starting from scratch in creating buzz for potential sponsees, and brands are better able to leverage an athlete’s personality and home in on a target market.

These days, athletes are more likely to create their own content, in their own voices, because consumers catch on quickly if something doesn’t seem authentic. This trend may also result in a shift toward sponsorships going to more female athletes; a Nielsen Sport study found that, in addition to a growing interest in women’s sports, consumers find female athletes less money-driven, more family-oriented, and more inspiring.

Hitting a Tipping Point

One of the most difficult things for athletes to adjust to in the world of sponsorships is when they hit a tipping point of going from being relatively obscure to becoming a household name. To help them navigate the transition, agents try to coach their clients on how to distinguish themselves. “When you’re seeking brands you’re trying to be the best – the next Michael Jordan,” Olliver says. “Then the switch happens and suddenly you and all your new peers are ‘the best in the world.’”

To prepare for this switch, Olliver coaches her clients early on to think about what matters to them beyond their sport. Maybe it’s coral restoration, or rescuing pit bulls. One of the most well-known examples of advocacy leading to sponsorship is track-and-field star Allyson Felix, who used her fame to advocate for maternal rights and gender equality. When Nike said they’d pay her 70% less when her contract was up after she was pregnant, the contract wasn’t renewed. A few months later, Gap Inc.’s Athleta brand entered into a multi-year sponsorship deal with Felix.

In the announcement Athleta CMO Sheila Shekar Pollak noted, “We were so moved by Allyson’s purpose and passion, on and off the track, especially as she spoke to the unique experience of female athletes. Allyson is giving women and girls the confidence to raise their voices; demonstrating the power in the collective.”

Of course, in the end, many deals come down to strategic timing. When a new sport enters the Olympic arena, there’s often a mad dash among companies to find athletes to sponsor and build momentum to attract new audiences. Similarly, product launches, pre-Olympic competitions, and holidays can provide fodder for companies to strategically time their endorsements. As they say, timing – in the Olympics and in deal making – really can be everything.