Blackstone Schwarzmann offers gold at the Olympic Pavilion

Olympic women’s gold and silver medalist Britney Reese hopes to become her fourth US team this week as she competes for a ticket to the US delegation in Tokyo.

The financing of the preparations for its installation was mainly carried out from an incredible source. Blackstone founder Stephen Schwartzman.

“He is the only person I know who has been so generous that I have met him,” said Reese, 34. Last summer, he was one of 25 Olympic hopefuls selected by Schwarzman’s Majesty to receive a $ 25,000 grant, which is a lot of money. He says this is his only guaranteed income this year.

Since 2013, Titan Private Capital has become the largest fundraiser for the US Railroad, providing $ 12 million to athletes training for the Games. While a small amount for a person whose net worth is: is estimated at $ 29 billion, its position as the mainstay of athletes like Reese shows the lack of financial resources available to the Olympians, even in rich countries like the United States.

“Many of these athletes really live hand in hand, it’s hard to believe they have to make a choice about where they can live,” Schwartzman said. Unlike professional sports leagues in the United States, which guarantee minimum wages for players covered by collective bargaining agreements, Olympic players are generally independent contractors, depending on sponsorships or donations.

“I think the United States [Olympic system] “It’s somewhat unfavorable because of our structure,” Schwartzman said, noting that sports-funded athletes are generally perceived as “how popular the sport is and whether it can find donors.”

Stephen Schwartzman Awards US Athletics Awards by Blackstone Founder © Bertrand Roberts

Reese, like many field athletes in particular, has a sponsorship deal with Nike, but will only make money this year if he achieves certain goals, such as qualifying for the Tokyo Olympics in the United States. Saturday in Eugene, Oregon.

“We do not get the recognition that the sprinter will get, it’s the problem of the United States,” Reese said.

Footwear companies have traditionally made up the bulk of the income of an aspiring Olympic player, although changes in the industry have disrupted the approval market. Nike, in turn, is in the middle delayed reorganization, և Under Armor has a sharp pared back its sports marketing costs.

The Covid-19 epidemic only exacerbated such deficiencies. World Athletics, the governing body of world sports, relied on private donations to fund $ 3,000 in scholarships for some 200 athletes around the world last year. This week the band said he would provide The winners of the next two World Championships will receive an additional $ 1 million in prize money, which they say will be deducted from the fines paid by the Russian Athletics Federation for anti-doping offenses.

Schwarzman և other athletes in 1963

Schwarzmann, far right, with his relay champions at Penn Relay in 1963 © Thomas Thomas Clements

Schwarzman was a high school runner who grew up outside of Philadelphia, specializing in the 220 և 440 yard races, and as a student at Yale, he was a classmate of 1972 Olympic marathon champion Frank Shorter. “We were in an English class together,” he said.

But it was not until 2012 that he became financially involved in sports. At the London Olympics that year, he watched US middleweight runner Morgan Usen fall into the penultimate lap of the 1500m. An experience he described as “crushing” prompted him to reach out to her through interaction.

“I did not know who he was at the time,” said Usain, who has since left the sport. Schwartzman said it was their meeting right after the London Games that boosted his donations. After that, he invites to the annual dinner at Blackstone Headquarters.

He admits that not everyone is familiar with the world of private equity. “They will ask me to describe what I do, they will ask me how things work,” he said.

Weekly newsletter

Billboard: The Financial Times’s weekly weekly briefing on sports business, where you will find the best analysis of the financial issues affecting clubs, franchises, owners, investors և media groups in the global industry. Register here,

Despite his personal commitments to the railroad, Schwartzman said Blackstone did not want to compete with other private equity firms. rushing into sports investments, Such as CVC Capital Partners: և: Dial Capital:,

“We do not focus on sports as a business,” he said. “It’s not what we’re actively looking at.”

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button