Australian Mining Magnate Gina Rinehart Announces $10 Million Infusion for USA Swimming

APRIL FOOLS

After reportedly cutting off support to Swimming Australia late last year to late athlete payments, Australian mining magnate Gina Rinehart has begun funneling those former funds to USA Swimming’s coffers, Australian media is reporting.

Rinehart is the owner and chairperson of Hancock Prospecting, an Australian mining company. When she took over the company from her father upon his death in 1992, the company was valued at around A$75 million, but also had A$100 million in debt. By 2012, she had built the firm into a massive enterprise, becoming the world’s richest woman with an estimated wealth of around A$29 billion (US$30.5 billion).

While her net worth has oscillated since then, her current net worth is estimated at around US$30.3 billion and she remains Australia’s richest person.

In 2012, the year where she became the world’s richest woman, Rinehart began providing annual funds to Swimming Australia to the tune of around A$2.5 million per year for four years via the Georgina Hope Foundation. The arrangement, which was renewed until last year, provided direct payments to athletes and provided support across aquatic sports until the relationship soured late last year.

Now, Rinehart has shifted that funding to the Australian rival organization USA Swimming.

“We believe in swimming as a sport, and we see an opportunity to redirect some of the dollars previously invested domestically into global markets,” said Ron Hoffmeyer, a spokesperson for the Georgina Hope Foundation.

Hoffmeyer indicated that USA Swimming caught the attention of Rinehart after their struggle to win gold medals at the 2023 World Championships.

“We see so much potential in the organization, they are loaded with talent and we believe that a funding push could put them over the top.

“The Georgina Hope Foundation believes it is a privilege to help countries with fewer resources develop financially across all sectors of their economies, including sport.”

Australia, Rinehart’s home country and the one she previously funded the swimming program of, won the medals table at the World Championships.

The news comes at a serendipitous moment for USA Swimming, which is dealing with significant financial deficits and huge declines in membership.

One Board Member, who spoke to SwimSwam on condition of anonymity because they were not authorized to discuss any matter with SwimSwam, applauded the move. “In reviewing USA Swimming’s financial position, we were looking at ways to shore up the books without negatively impacting executive benefits,” the person said. “This lifeline will allow the Board of Directors to maintain, or even enhance, compensation packages for USA Swimming’s leadership team.”

When asked if USA Swimming was considering investing the money into new programs that would enhance the marketability of the sport at either a participation or spectator level, the individual insisted that the decreases in membership and lagging ticket sales for the Olympic Trials were actually a sign of the growth of the sport.

“It’s like a taper. You have to trust that while the numbers aren’t there now, it will pay off in the end.”

When asked to explain elaborate on that analogy, the board member abruptly ended the call, saying that the concepts were well-understood by the organization’s decision-makers, even if they were “too complicated” for the general public to grasp.

As part of the program, Rinehart’s non-profit will sponsor expedited immigration status for athletes and coaches who might immediately contribute to America’s Olympic outlook. The citizenship program will place a special focus on female sprinters and includes both legal support and up to $10,000-per-official in additional funding toward clearing new World Aquatics hurdles that require “genuine, close and established link to the country or Sport Country he/she will represent” to waive a three year waiting period on citizenship changes.

Australia and the United States share a common cultural heritage owed to their British colonial history.

While the program is unlikely to have a significant impact on results in time for the Paris Olympics, the program should ramp up to full speed in time to make an impact toward the Los Angeles 2028 Olympic Games. Organizers of those Games hope that the event will be an introduction of America to the world, announcing the country’s entrance onto the global playing field.

The multi-pronged program has been dubbed the Training and Outreach for Masterfully Fit Olympic-Oriented Leadership, Endurance, Resilience, and Youth Initiative.

APRIL FOOLS