PARIS: World Athletics announced on Wednesday that it will become the first international federation to award prize money for Olympic gold medals, starting with this year’s Games in Paris.
Under the new initiative, gold medal winners in each of the 48 athletics events at the Paris Olympics will receive a substantial prize of $50,000 (46,000 euros). The total prize fund of $2.4 million will be sourced from the International Olympic Committee’s revenue share allocation that World Athletics receives every four years.
Individual Olympic champions, as well as relay teams, will each be awarded $50,000, which will be divided among the team members. Additionally, prize money will also be extended to silver and bronze medal winners from the 2028 Olympics in Los Angeles, according to the international federation.
World Athletics President Sebastian Coe hailed the decision, describing it as a “pivotal moment” for the sport of athletics. He emphasized the federation’s commitment to empowering athletes and recognizing their crucial role in the success of the Olympic Games.
Coe stated, “The introduction of prize money for Olympic gold medallists underscores our commitment to empowering the athletes and recognising the critical role they play in the success of any Olympic Games.”
He further added, “We are now in a position to also fund gold medal performances for athletes in Paris, with a commitment to reward all three medallists at the LA28 Olympic Games.”
Coe highlighted that this move is part of a larger journey initiated by World Athletics in 2015, wherein all funds received from the International Olympic Committee for the Olympic Games are reinvested directly back into the sport.
The upcoming Paris Olympics, scheduled from July 26 to August 11, will mark a significant milestone with the introduction of prize money for Olympic gold medallists in athletics.
