This is Very Generous

Each Olympic Gold Medal Nets $100,000 for Athletes
by Randy Starkman
Toronto Star, February 4, 2010


Canadian athletes who strike gold at the 2010 Winter Olympics will be sparking more than just future dreams for younger athletes – they'll be making a financial investment in them.
Sprott Asset Management LP, known for its success with gold stocks, announced this morning in Toronto that in conjunction with The Sprott Foundation they will donate $100,000 for every gold medal won in Vancouver to the Canadian Athletes Now Fund, which raises money to help this country's athletes.
While Canada has never won a gold medal at a home Olympics, it's expected they could win as many as 10 at the upcoming Games.
“One of warmest feelings of all time is to see a Canadian athlete win a medal,” said Eric Sprott, ceo of Sprott Management LP. “It's stunningly exciting. I always realized these athletes winning the medals have worked so hard and there's so much dedication by those around them. I've always thought it was a huge accomplishment and should be rewarded.”
Sprott said it was of much greater benefit overall to spread the money out among athletes than have it go to the winner of the gold medal.
“We don't want to say that the person who wins gold is the only winner,” said Sprott. “There are a lot of athletes involved, not just gold medal athletes.”
Jane Roos, founder of the CAN Fund, said it was Sprott who came up with the idea.
“It celebrates excellence and fits in with our vision to have summer and winter athletles work together to support each other,” said Roos.
To that end, Olympic rowing gold medalist Ben Rutledge attended the launch of the fundraiser.
“I think it's great we've got somebody who is looking ahead to the future, especially knowing we face funding cutbacks going forward,” said Rutledge.
The Sprott Foundation has also made an initial contribution of $210,000 to help the CAN Fund cover funding for 35 athletes they still had on their books. The CAN Fund gives out $6,000 to each athlete to help cover training and living expenses. Roos said that 80 per cent of the athletes on the Winter Olympic team have received funds from their group.
Sprott Asset Management is also encouraging other corporations and the public to add to the total that will be donated for the gold medal tally at a website they have set up, sprottgoldpledge.com