Russian Athletes Who Will Bring Home Medals From Beijing Will Receive Bonuses From Funds Donated By Russian Tycoons

May 31, 2008 7:27 a.m. EST

Moscow, Russia (AHN) -Leading Russian businessmen have pledged $12 million to the bonus fund for the successful athletes at the 2008 Beijing Olympics.

Ten of Russia's tycoons including Chelsea football club owner Roman Abramovich and Vagit Alekperov, owner of Lukoil, the second-largest oil producer in Russia, have promised to donate $12 million (340 million roubles) to the country's Olympic Fund. The fund which aims to support athletes as well as boost Russia's performance in the Olympics and in world championships will give out bonuses to Russian medalists from the Summer Games in Beijing this August.

"We paid out more than 110 million roubles to the medalists of the 2006 Winter Games in Turin," Fund chairman, Alexander Katushev, told Sport Business International magazine. "Now the total sum will be around 340 million roubles. We haven't decided yet on the exact amount for each sport."

Aside from the bonus, Russian athletes will receive $25,000, $15,000 and $10,000 respectively for every gold, silver and bronze metal from the Russian Olympic committee.

The Russian Olympic Fund to support athletes was established in 2005.