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Late last year, an Australian mining magnate was reported to have cut off support to Swimming Australia due to delays in paying athletes. gina reinhart These former funds have begun to funnel into USA Swimming’s coffers, Australian media reports.
Mr. Rinehart is the owner and chairman of Hancock Prospeting, an Australian mining company. When her father passed away in 1992 and she took over the company, it was valued at around A$75 million, but also owed her A$100 million. By 2012, she had grown her company into a major corporation, making her the richest woman in the world with an estimated fortune of approximately AU$29 billion (US$30.5 billion).
Since then, her net worth has fluctuated, but with a current net worth estimated at around US$30.3 billion, she remains Australia’s richest person.
In 2012, when Ms Rinehart became the world’s richest woman, she began funding Swimming Australia through the Georgina Hope Foundation, amounting to about A$2.5 million a year for four years. The agreement was renewed last year and provided direct payments to athletes and support for water sports in general until relations soured late last year.
Now, Reinhart has transferred that money to rival organization USA Swimming in Australia.
Georgina Hope Foundation spokesperson Ron Hoffmeyer said: “We believe swimming is a sport and we see an opportunity to take some of the money we have invested domestically and redirect it to global markets.” “
Hoffmeyer said USA Swimming caught Reinhart’s attention as it fought to win gold at the 2023 world championships.
“We see a lot of potential in this organization, they have a lot of talent, and we believe that with funding they can get to the top.
“The Georgina Hope Foundation believes it is a privilege to help countries with fewer resources develop financially across all sectors of the economy, including sport.”
Australia, Rinehart’s home country and where she previously funded her swimming program, also won a medal at the world championships.
The news comes at an unexpected moment for USA Swimming, which is facing a significant budget deficit and a significant decline in membership.
A director who spoke to Swimswam on condition of anonymity because he was not authorized to discuss any issues with Swimswam praised the move. “As we closely reviewed USA Swimming’s financial situation, we were looking at ways to strengthen our books without negatively impacting executive compensation,” the person said. “This lifeline allows the board to maintain and even enhance the compensation package for USA Swimming’s coaching team.”
When asked if USA Swimming was considering investing money in new programs that would increase the marketability of the sport at the participation or spectator level, the person cited declining membership numbers and delays in ticket sales for the Olympic Trials. argued that it is actually a symptom of a problem. Growth of the sport.
“It’s like a taper. Even if you don’t see the numbers right now, you have to believe that it will pay off in the end.”
When asked to elaborate on the analogy, board members said the concept was well understood by the organization’s decision-makers, even though it was “too complex” for the general public to understand. He said and abruptly ended the call.
As part of the program, Reinhart’s nonprofit will sponsor priority entry status for athletes and coaches who have the potential to make an immediate contribution to America’s Olympic prospects. The citizenship program has a particular focus on female sprinters, providing them with legal support and support to clear the new hurdles in world swimming that require “genuine, close and established ties to a country or competing nation.” “Additional funding will include up to $10,000 per executive.” She states that her three-year waiting period for changing her citizenship will be waived.
Australia and the United States share a common cultural heritage due to their British colonial history.
While it is unlikely that the program will have a significant impact on results in time for the Paris Olympics, it should be ramped up at full speed to make an impact leading up to the 2028 Los Angeles Olympics. Organizers of these events hope they will introduce the United States to the world and announce the country’s entry into the global competitive arena.
This multifaceted program is named the “Training and Outreach for Olympic-Oriented Leadership, Endurance, Resilience and Mastery Fit for Youth” initiative.
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