USOC loses sponsor, program

Seven Colorado Springs athletes training for the Olympics while working at The Home Depot won't suffer drastic pay cuts despite the chain's decision Wednesday to terminate a 16-year partnership with the U.S. Olympic Committee.

When the Olympic Job Opportunities Program ends March 2, they'll be guaranteed employment with Home Depot, and the Colorado Springs-based USOC will give them training stipends and health insurance.

For winter athletes, the monthly stipends and insurance policies will last through next January as long as they're eligible to qualify for the 2010 Olympics. For summer athletes, the stipends are a one-time deal and the insurance policies will last six months.

"We're sorry to see The Home Depot go," USOC spokesman Darryl Seibel said. "We appreciate their desire to extend employment opportunities to the athletes."

Since 1992, more than 660 athletes in the U.S., Canada and Puerto Rico have received full-time pay for 20-hour workweeks. There are 86 Americans in the program, which could return in 2010 with a new partner.

Home Depot posted a 31 percent drop in third-quarter earnings. Company spokeswoman Jean Niemi said, "The time had come to look at new ways to enhance our brand."

The past four years, the USOC netted $15 million to $20 million from its Home Depot partnership and had similar pacts with Allstate Corp., Anheuser-Busch and Bank of America Corp. Its deal with General Motors Corp. carried $90 million over 12 years.

The USOC has commitments through 2012 from 16 sponsors, including Allstate and Anheuser-Busch.