(Bloomberg) -- The US fencing team just wrapped up a historical showing at the Olympics. They finished with four medals, including their first team gold. The sport’s leaders want to turn that success into more corporate sponsorships.
“My phone is on and my email is being checked,” said Phil Andrews, USA Fencing’s chief executive officer, in an interview.
USA Fencing has an annual budget of almost $16 million, about 90% of which comes from membership, events and donors, Andrews said. When he was appointed CEO in 2022, there were no corporate sponsors. Now, there are about 20 companies including Nike Inc. and Hilton Worldwide Holdings Inc. that have combined for more than $1 million dollars.
“For us it’s huge,” Andrews said. Corporate sponsorships have put fencing near the “top of the niche sports.”
The national governing body for fencing works very differently from major sports leagues around the world that have valuable broadcast deals to grow their revenue.
Fencing isn’t a cheap sport. Athletes might shell out hundreds of thousands of dollars over the course of their career. Costs add up from traveling to international competitions and domestic events, along with coaching and equipment. And while a lot of fencers come from affluent families, some rely on the team and outside organizations such as the Peter Westbrook Foundation to help with their expenses.
The US fencing team doubled their medal count in Paris compared with the last Olympics in Tokyo, a feat that Andrews says “should help propel the business results forward.” He says the value proposition for sponsors is that they get direct access to high-income households in major coastal cities, including many Asian American and Pacific Islander families.
“What do we have to offer? Data,” Andrews said. “We know more about our membership than most sports organizations.”
Less than 6% of USA Fencing’s budget comes from the US Olympic & Paralympic Committee, Andrews said. Other national teams “are funded somewhere in the 70-95% range,” he said.
Lee Kiefer is now the first American fencer to win three Olympic gold medals. She defeated teammate Lauren Scruggs, a Westbrook Foundation fencer, for the women’s individual foil title. Scruggs took home silver, becoming the first Black American woman to win an individual fencing medal.
“We have to build through our business,” said Andrews. “We hope Lauren, Lee’s and other’s success will help us elevate the business too.”
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