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Teammates will share in Chinese swim star Sun Yang's huge endorsement deal income
LONDON – Swimming star Sun Yang will celebrate signing China's biggest-ever Olympic endorsement deal by giving his teammates an enormous bonus.
Sun's popularity in his homeland has skyrocketed after he won the 400- and 1,500-meter freestyle at London's Aquatics Centre and will rake in around $18 million over the next year as part of his arrangement with three major companies.
However, under the terms of his contract with the Chinese swimming authority he will have to hand over one third of those earnings to other members of the Olympic team who are not so well rewarded.
His handout will be welcomed by the less well-known swimmers, many of whom receive just a small stipend from their country's governing body, although all their training and living costs are covered.
Chinese media reports told how Sun's wealth will be boosted by Coca Cola, shoe company 361 Degrees and dairy goods manufacturer Yili. A series of smaller deals will increase his earnings further. Billboards in major cities such as Beijing and Shanghai already have sprung up with his face on them, alongside pop stars and actors.
Like the majority of Chinese athletes, Sun only gets to keep one third of any prize money or endorsement packages himself. As well as treating his teammates, another third must go to the Chinese swimming program.
http://sports.yahoo.com/news/olympi...un-yang-s-huge-endorsement-deal-income--.html
LONDON – Swimming star Sun Yang will celebrate signing China's biggest-ever Olympic endorsement deal by giving his teammates an enormous bonus.
Sun's popularity in his homeland has skyrocketed after he won the 400- and 1,500-meter freestyle at London's Aquatics Centre and will rake in around $18 million over the next year as part of his arrangement with three major companies.
However, under the terms of his contract with the Chinese swimming authority he will have to hand over one third of those earnings to other members of the Olympic team who are not so well rewarded.
His handout will be welcomed by the less well-known swimmers, many of whom receive just a small stipend from their country's governing body, although all their training and living costs are covered.
Chinese media reports told how Sun's wealth will be boosted by Coca Cola, shoe company 361 Degrees and dairy goods manufacturer Yili. A series of smaller deals will increase his earnings further. Billboards in major cities such as Beijing and Shanghai already have sprung up with his face on them, alongside pop stars and actors.
Like the majority of Chinese athletes, Sun only gets to keep one third of any prize money or endorsement packages himself. As well as treating his teammates, another third must go to the Chinese swimming program.
http://sports.yahoo.com/news/olympi...un-yang-s-huge-endorsement-deal-income--.html