Gold Medals Worth Cash

According to reports, the Chinese government has rewarded Olympic gold medalists with cash bonuses. Each gold medalist on the Chinese team will receive a tax-free bonus of 350,000 yuan, which is the equivalent of $51,000 USD. This Olympic bonus is almost double of that paid out after the Athens Games in 2004. Every medalist, even those on teams, will be paid the bonus.

The Chinese won 51 gold medals, which was more than any other country competing in the 2008 games.

In contrast, Kenya’s gold medalists receive a cash prize, a TV, and a washing machine.

It seems that the Greek athletes are paid the most handsomely. All medal winners receive payouts. Gold medalists will receive 190,000 euros ($280,000 USD), 130,000 euros for silver ($260,000 USD), and 70,000 euros for bronze medals ($140,000 USD).

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Phelps Takes Gold Title - Million Dollar Payouts

He did it!!!!

Michael Phelps is the new King of the Gold Medal. 

Phelps received his eighth gold medal for the Beijing Olympic games.  The eighth and final medal was won for the men’s 4x100 meter medley relay.  In addition to the Medal, Phelps set - yet another - world record.

This is the most gold medals ever won by a single athlete at a single Olympic Games.

The Chairman of the U.S. Olympic Committee said of Phelps, “Our whole country can be proud of him.  Maybe in this era, nobody makes us prouder”.

Due to Phelps #7 Gold Medal, he received a $1 million paycheck from Speedo for matching Mark Spitz’s record from the 1972 Olympic Games.

Phelps set a world record in every event with the exception of the 100 butterfly - although he still won a gold medal for the event.  Phelps now has a total of 14 Olympic Gold Medals – and 16 Olympic Medals in total.  At the 2004 Athens Olympic Games, Phelps won six gold medals and two bronze.  Phelps is committed to swimming in the 2012 London Olympic Games

Phelps’ Gold Medals swept the following categories:

• 200-meter freestyle
  
• 200 individual medley
  
• 400 individual medley
  
• 100 butterfly
  
• 200 butterfly
  
• 4x200 free relay
  
• 4x100 medley relay
  
• 4x100 free relay
  

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Going For Gold...

We’re on board.  We’re putting our money on Michael Phelps in Beijing.

Phelps has now won a career total of nine summer Games gold medals, putting him in the same category as Carl Lewis.  He is moving forward to break Mark Sptiz’s record of seven gold medals at a single Olympics.  The 23-year old has sparked the US swimming gold rush.

According to teammate Aaron Peirsol, "The way he (Phelps) is attacking this meet - he isn't just winning he is destroying world records on the way."

Phelps has made even his opponents sing his praises.  Park Tae-Hwan, the South Korean silver medalist to Phelps, claimed “Phelps swam so fast.  It’s my honor to compete with him”.

The eight gold medal quest continues.  Check back with us--we'll be waiting to see if he becomes the king of the gold.

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