All athletes at the London Olympics have gold on their mind. Every athlete there would love to be the next Bruce Jenner, Mary Lou Retton and that swimmer guy — athletes who won gold and green through their athletic successes.
Sports agent Evan Morgenstein of PMG Sports breaks down the business of the Olympics. Getting the gold is just one part of the equation to scoring lucrative sponsorships, like Nike and that Wheaties box. What sport you’re in, how compelling your personal story is and even when you medal play into whether an athlete will make money off their successes.
Even though millions of dollars in advertising is put into the Olympics, Morganstein said in the end, the athletes get shafted.
“Unfortunately, the financial system of the Olympics is just a mess,” he said. “There is truly no trickle down of substance for the athletes.”
Listen to the interview above to learn more about the athletes’ economy and a little secret about the Wheaties box.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.