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Canwest News Service
How would you like to work for minimum wage with no dental care, no maternity leave or any other benefits?
Well, don't become an Olympic athlete. The $18,000-per-year "salary" Canada's Olympic athletes receive might translate into less money on an hourly basis than workers make in the fast-food industry.
"I retired in 2008 and I had just had twins," said Vicky Sunohara, a gold medalist with the 2002 and 2006 women's Olympic hockey team. She didn't qualify for maternity leave from the federal government's employment insurance program.
Athletes get $18,000 per year from the government if they meet certain qualifications, but all their other costs must be paid by themselves or, hopefully, through money raised via sponsors.
"If I broke a tooth it wouldn't be covered unless I did it while I was on the ice," said Ms. Sunohara, who just finished a university degree.
The debt levels accumulated by Olympians are one reason why she was more than ready to lend her name in support of a corporate donation from Eric Sprott this past week. He pledged to give $100,000 to Canadian Athletes Now Fund, or CAN Fund, every time a Canadian wins gold in Vancouver. Sprott Asset Management LP, in conjunction with the Sprott Foundation, is putting up the money.
CAN Fund gives Olympians up to $12,000 per year to do with it as they please, but one of the main uses seems to be keeping them out of personal bankruptcy by the time they retire. Most are lucky to break even, said Jane Roos, executive director of CAN Fund.
Ms. Roos said surveys show that 90% of Olympic athletes have paid or partially paid for their equipment. About 50% end up paying for part of their travel or accommodations and another 40% pay for team fees than can be up to $30,000 per year.
So why do they do it?
"It's pretty crazy. I'm 39 and I've never even paid into a pension," Ms. Sunohora said. "But you do it for a chance to represent your country."
What it means is most Olympians end up about 10 years behind in setting up any sort of financial plan, said Ben Rutledge, a 2008 Olympic gold medalist in rowing.
He trains about six hours a day, but if he throws in the time he needs to rest from training, Mr. Rutledge doesn't figure he's earning much. "I'm making minimum wage or below minimum," he says with a laugh, calculating the money he pulls in for his activities.
Mr. Rutledge said the financial support he has received beyond the government funding has been crucial to his success. That money helped him buy a boat to train.
"I don't get up in morning thinking, I could be making money," said Mr. Rutledge, who added he's lucky to have a girlfriend supportive of his career decision.
Many athletes support themselves with part-time jobs, but any hours away from training can ultimately hurt an athlete's chance of success. Lucky for Mr. Rutledge, he made some smart real-estate investments in early 2001.
"I bought a couple of houses, and with no money down. Too bad I sold them a little early," said Mr. Rutledge, who used the profit to finance his Olympic career.
He might go into real estate one day, he says, but for now he's going to keep competing and figures he has one more Olympics in him after Vancouver before he retires.
Mr. Sprott said he thinks he knows why the athletes make such a great financial sacrifice. "You know why they do it — they get to experience the ultimate joy in life. Just think how it touches people to see what they have accomplished."
gmarr@nationalpost.com
