Nov. 4 (Bloomberg) -- Stephen Colbert, the host of a satirical show on cable television station Comedy Central, agreed to raise money for the U.S. Olympic speedskating team after its former sponsor was declared bankrupt.

Rather than paying money directly to the team through a sponsorship, Colbert will seek donations from viewers, known as “The Colbert Nation,” which will be emblazoned on team uniforms at next year’s Olympics in Vancouver.

“We must ensure that it is America’s 38-inch thighs on that medal platform,” Colbert said in a statement.

The speedskaters face a budget gap of more than $300,000 following the October bankruptcy of Netherlands-based DSB Bank NV, which had backed the team since 2006.

A two-year campaign by Colbert has raised almost $250,000 for the Yellow Ribbon Fund, which helps wounded military personnel and their families.

“Embracing the U.S. speedskating team will provide immeasurable exposure for our sport and very talented athletes,” the team’s Executive Director Bob Crowley said.

Speedskaters have won 75 Olympic medals, making them the most successful group of U.S. athletes at the Winter Games. The U.S. won 10 medals, including four golds, in short- and long- track speedskating at the 2006 Winter Olympics in Turin, Italy. The 2010 Olympics begin Feb. 12.

To contact the reporter on this story: Nancy Kercheval in Washington at nkercheval@bloomberg.net.

Last Updated: November 4, 2009 00:02 EST