Corporations need to do more besides sporadic financial partnerships for Singapore athletes
During a fireside chat organised by DBS with kitefoiler Max Maeder, the 17-year-old spoke of the need for more corporate partnerships for Singapore’s athletes.
“I do wish that sponsorships happen for athletes, and it uplifts the sporting scene in Singapore,” the newly-minted bronze medallist at the Paris Olympics said.
This is not to say that sponsorships don’t exist, but that there could be scope for much more for our athletes, even the ones who aren’t medal winners presently.
Most athletes require self-funding to train and compete as much as they do. Many, especially Singaporean athletes, never win a medal even after their efforts.
Prize money may be nice for the athletes, but it is hardly stable — furthermore, it is contingent on winning a medal.
Sport Singapore, as a statutory board under the Ministry of Community, Culture and Youth (MCCY), has provided innumerable support for Team Singapore athletes.
But what is perhaps missing in the equation is the private sector.
Monetary investment is short-term, but if we are to have well-rounded athletes, who still have a career post-retirement when the prize money runs out, professional athletes with corporate sponsorships will be needed.
A viable career predicated on success means much risk
Singapore is not known as a risk-averse society for no reason. That we have a term exactly for this, ‘kiasu’, meaning ‘fear of losing out’, says much about how a cultural inclination to avoid risks that could lead to embarrassment or perceived failure exists.
Being an athlete is inherently a top-heavy occupation — the best athletes get the most rewards, but head down the medal tables and you’ll find many, if not most of them struggle.
We have previously discussed the short runtime for athletes’ careers.
Joseph Schooling, who spent a majority of his life training and competing to become a gold medallist, reached his goal aged 21. He retired earlier this year aged 28.
Source: Erich Schlegel- USA TODAY Sports via Swimming World
While it’s fair to say his various endorsements and victories have set him up for a prosperous future, this is not always guaranteed.
Max Maeder has been sailing since he was six and took up kitefoiling after turning 10. It’s difficult to say when he will call time on his career but keeping up his arduous training regime will get tougher as he ages.
Yip Pin Xiu, Singapore’s most decorated Paralympian, has broken world records for swimming and is preparing for the Paralympics in Paris soon. But as with other athletes, the 32-year-old will have to look at what she does if, and when she eventually retires.
Money given to athletes for victory at major events often not enough
DBS and the Tote Board have been some of the biggest contributors to monetary rewards, with sporadic one-off contributions from businesses, such as in the aftermath of Loh Kean Yew’s 2021 world championship win.
Rewards that further tip the scales for Singapore’s best athletes might not be significant in ensuring athletes develop as a whole. Furthermore, the amount is taxable, which means even less money for the athletes.
After Schooling obtained his gold medal, he reportedly took home approximately S$650,000 after 20% was donated to the Singapore Swimming Association and a further income tax of 15%.
But this amount pales in comparison to what his parents put into his training and education, which came up to about S$1.35 million as of 2016.
The amount is also significantly less for victory at the Asian Games — S$200,000 for gold, S$100,000 for silver, and S$50,000 for bronze.
The one-time reward surely can’t compare to the amount athletes pour into training and daily essentials.
In other words, the Major Games Award Programme is a “nice-to-have”, but should not be the only avenue of financial support for these athletes.
Prize money may place undue pressure on athletes
The immense pressure tied to substantial cash rewards can have unintended consequences on athletes’ mental health.
Schooling, for example, faced intense public scrutiny and pressure to replicate his success, which he arguably never did.
He revealed in an interview with TIME that he experienced a “crippling bout of what he thought were pre-race jitters” before a race at the 2017 NCAA swimming tournament, which he later was told was a panic attack.
Schooling’s career was up and down after that, with public criticism most scathing when he gained weight, as well as when he lost out in the heats at the Tokyo Olympics, failing to qualify for the semi-finals.
It culminated in a scandal in 2022 where he admitted to using marijuana while overseas. Though some sponsors such as Hugo Boss stuck by him, he faced punishments from the Ministry of Defence, including not being able to take leave or disrupt his NS to train or compete.
Combined with his National Service enlistment, along with what he admitted was burnout from the lack of a break post-Rio, as well as the death of his father in 2021, Schooling never achieved the heights he hit in Rio again.
The focus on monetary rewards can exacerbate this pressure, leading to burnout or a decline in performance.
Instead, incentives could include access to mental health resources and support networks, enabling athletes to manage the stress associated with high-level competition while maintaining their well-being.
Besides what the MCCY and Sport Singapore already provide, access to top-class mental health resources can be just as important as having the best coaches.
Runtime is short
It’s fair to say that athletes are not competing to earn big bucks, but surely there should be room for them to continue their careers post-retirement, be it in business or as a coach.
The same cannot be said in Singapore, where athletes frequently find themselves needing to self-fund training and travel to achieve their dream. Often, the financial pressures mount, especially if they do not record podium finishes.
Even medallists struggle during their career, as noted in the Your Money Matters podcast by the Wall Street Journal (WSJ).
One athlete, Dan Walsh, described to the WSJ going into debt almost constantly every season, especially after winning a bronze medal in 2008. He had to pay for his own food, which resulted in debt.
Even after a world championship, he still had to save on costs and whenever something went wrong, he’d go into debt again.
It was a ton of sacrifice for what amounted essentially to clearing debt. Without a coaching job, Walsh would have struggled even more mightily.
Additionally, the feeling of being on a conveyor belt cannot be understated, with the public often lapping up whoever’s on top while seemingly discarding whoever came before them.
Financial freedom frees athletes to excel
The MCCY has provided much support to Singapore’s elite athletes, including holistic development, and financial support via the Sport Excellence Scholarship (spexScholarship), to the tune of S$70 million yearly via the High-Performance Sport (HPS) system.
But as Maeder notes, corporations can stand to complement these Government-funded initiatives.
For instance, firms could sponsor Max Maeder’s training, provide mentorship opportunities for Loh Kean Yew in sports management, or support Joseph Schooling in his transition to life after competitive swimming.
These actions would not only contribute to the athletes’ success but also build a culture of corporate responsibility and investment in the future of Singaporean sports.
It would also send a message that corporations are also investing in the success of our athletes, and alleviate the financial burden on them.
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Featured image adapted from Erich Schlegel-USA TODAY Sports via Swimming World, ActiveSG Circle, and The Majurity Trust.
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