In a groundbreaking move that marks a significant shift in Olympic tradition, World Athletics has announced the introduction of prize money for Olympic gold medallists, offering financial rewards to athletes who achieve the pinnacle of sporting success at the upcoming Paris 2024 Olympic Games.
This historic decision, unveiled on April 10th, represents a monumental step forward for athlete empowerment and recognition within the realm of international athletics.
World Athletics has allocated a substantial prize pot of US$2.4 million, sourced from the International Olympic Committee’s revenue share allocation to World Athletics, specifically earmarked to reward gold medal winners in each of the 48 athletics events in Paris with a generous sum of US$50,000.
Sebastian Coe, President of World Athletics, emphasized the significance of this initiative, stating, “The introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognizing the critical role they play in the success of any Olympic Games.”
This initiative builds upon World Athletics’ ongoing efforts to reinvest Olympic revenues back into the sport, following the introduction of Olympic dividend payments to Member Federations in 2015.
The decision to reward Olympic gold medallists reflects a broader commitment to ensuring that athletes receive tangible benefits from their extraordinary achievements on the world stage.
Coe further elaborated on the rationale behind this initiative, acknowledging the immeasurable value of Olympic success and the unparalleled dedication required to represent one’s country at the highest level of competition.
He stressed the importance of returning a portion of the revenues generated by athletes at the Olympic Games directly to those who contribute to making the Games a global spectacle.
The distribution of prize money will be contingent upon World Athletics’ ratification process, subject to athletes undergoing and clearing standard anti-doping procedures. Each individual Olympic champion will be entitled to receive US$50,000, while relay teams will share the same amount among team members.
Looking ahead, World Athletics has also committed to extending this prize money initiative to Olympic silver and bronze medal winners at the Los Angeles 2028 Olympic Games, ensuring a more comprehensive system of financial rewards for athletes across the podium.
As the athletics community anticipates the upcoming Paris 2024 Olympics, the introduction of prize money represents a transformative development that acknowledges and celebrates the extraordinary achievements of athletes on the grandest stage of sport.
This progressive step by World Athletics underscores a broader commitment to fostering athlete well-being, empowerment, and the enduring legacy of Olympic excellence.
The format and structure of prize bonuses for the LA28 Olympics will be announced closer to the event, further solidifying World Athletics’ commitment to elevating the stature and recognition of athletes within the Olympic movement.
PHOTO: Eliud Kipchoge,X
