Simone Biles Will Be Unpaid At Olympic Trials But She Has Over 8 Sponsors To Sustain Her Millionaire Status

In a 2019 episode of “Kneading Dough” with Maverick Carter, Simone Biles, a seven-time Olympic medalist, revealed her “fear of going broke.” It is a commonly held belief that gymnasts earn a pittance in lieu of prize money, and the disparity is stark. Despite this concern, her financial future is secure. Biles was the 8th highest paid athlete as of Dec 2022, raking in a whopping $10 mil, as per Forbes. At just 27, Biles is one of the most successful gymnasts in American history, tying for the most Olympic gymnastics medals in U.S. history.

Her fame, especially after prioritizing her mental health during the Tokyo Olympics, has led to significant financial success. Biles has a net worth of $16 million, largely because of her lucrative endorsements. These deals earn her at least $5 million annually, according to Forbes. Although she won’t be paid for the Olympic trials starting June 27 in Minneapolis, Minnesota, Biles is supported by nine major sponsors. Golly, pocket rocket does it again.

Simone Biles ate and left no crumbs – brand deals galore

In a recent Instagram post by K18 Hair, they announced Simone Biles as their new ambassador. They captioned it, “YES! I’m loving the confidence that healthy hair brings. I get to be the judge of what’s possible, both on and off the mat. @k18hair molecular repair gives me the confidence to switch it up and take risks—without sacrificing the health of my hair.” In the accompanying video, Biles is seen performing some excellent floor routines as well, making the advert particularly eye-catching. Now it is not a secret that Biles is not getting paid for the Olympic trials, the honor of participating is a prize in itself.

Biles earned roughly $202,500 from her wins at the Olympics. According to CNBC, U.S. Olympians earned $37,500 for every gold medal. $22,500 for every silver, and $15,000 for every bronze. For team sports, each team member splits the pot evenly. These figures from 2018 were a 50% spike from the 2016 Olympic Games. This means Biles brought in around $82,500 to $100,000 from Rio. If the streak continues, Biles may earn at least $165,000 in earnings. 

However, Simone Biles does not have to rely on prize money from competitions to sustain her lifestyle. Most gymnasts don’t. Her sponsorship journey began in 2016 before the Rio Olympics, where she won overall gold and an individual bronze medal. Over the years, she has partnered with major brands like Nike, Visa, Uber Eats, Hershey, and Gap. After the Tokyo Olympics, her net worth saw a $10 million spike, reaching $16 million. According to Forbes, Biles earns at least $5 million annually in endorsements, surpassing other notable athletes such as swimmer Katie Ledecky, who earns $3 million, and former basketball player Sue Bird, with $1 million in annual endorsements. 

Additionally, Simone Biles has partnered with Core Power Fitness, GL Elite, United Airlines, and Mondelez’s Oreo Brand. On her website, her current sponsors include Spieth America, Wheaties, Athleta, Powerade, Nulo, Masterclass, Friends of the Children, Axonius, and GK. After signing an epochal partnership with Spieth America, she quipped –“I believe the innovation and design built into Spieth America’s equipment has been a big part of my success.”

She continued –“ first started training with their equipment as a junior gymnast and am excited to build upon our partnership, as Spieth shares my commitment to taking gymnastics to new heights. Together, we can help promote a new era for the sport in the United States and around the world.” 

With regard to her iron-clad deal with Wheaties, she said –“I’m honored to share with you that I’m joining a very unique club in landing my first Wheaties box,I’m thrilled to be on the third and final box in this series proudly representing today’s athletes in what it means to be a Wheaties Champion.” Each of these brand deals contributes significantly to her income, ensuring her financial stability, success, and greener pastures in terms of NIL earnings.

Simone Biles thriving as a business tycoon

In addition to her brand deals, Simone Biles has several businesses and ventures of her own. In the past, she has launched her own line of leotards with GKElite. She has also brought out GOAT aka Goldie’s emblazoned leotards, which became the talk of the town. She released a set of gymnastics equipment which starred in a Snapchat reality series. She has also modeled for some sports magazines. Her tour after the 2020 Olympics also grossed $19.3 million. Moreover, Simone Biles’ family owns the World Champions Centre in Texas, which is the ultimate training hub for budding and successful gymnasts across the USA. The gym generates significant income through memberships, training programs, and hosting events. It draws in about $2 million in revenue.  

She has also slowly bought a vast collection of luxury cars, including a Mercedes-AMG G63, a Range Rover Velar and a Dodge Challenger SRT to fill up the garage of her sprawling $2 million mansion in Houston. Biles additionally owns an impressive real estate portfolio, including a land where she and her NFL star husband, Jonathan Owens, are set to build their forever home. Simone Biles’ incredible gymnastics performances, smart business moves, and lucrative endorsements have made her a superstar in the sports world and that’s something that trumps peanut prize money at the end of the day.