World Athletics has made a groundbreaking decision that could potentially clash with the International Olympic Committee (IOC) by breaking 128 years of Olympic tradition. The organization announced that it will be the first international sports federation to award prize money to athletes for winning a gold medal at the Games.
Commencing with the upcoming Olympic Games in Paris, track and field athletes who clinch gold in any of the 48 events will receive a cash prize of $50,000. Additionally, World Athletics has committed to extending these cash rewards to Olympic silver and bronze medalists at the LA 2028 Games.
This move is significant considering the IOC's long-standing policy of not awarding money for participation or medal achievements at the Olympics, arguing that the opportunity to compete at such a prestigious event is reward in itself.
In the official World Athletics announcement, President Seb Coe has stated that "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 recognising the critical role they play in the success of any Olympic Games."
World Athletics introduces prize money for Olympic gold medallists at Paris 2024, and all medallists from LA28.
— World Athletics (@WorldAthletics) April 10, 2024
“This is the continuation of a journey we started back in 2015, which sees all the money World Athletics receives from the International Olympic Committee for the Olympic Games go directly back into our sport.
“We started with the Olympic dividend payments to our Member Federations, which saw us distribute an extra US$5m a year on top of existing grants aimed at athletics growth projects, and 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.
“While it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to even represent your country at an Olympic Games, I think it is important we start somewhere and make sure some of the revenues generated by our athletes at the Olympic Games are directly returned to those who make the Games the global spectacle that it is.”
World Athletics has earmarked a total prize fund of US$2.4 million from the IOC's revenue share allocation to financially reward athletes for their exceptional performances. Each individual Olympic champion will receive US$50,000, with relay teams also eligible for the same amount, to be distributed among team members.
The details of the bonus structure for the LA28 Olympic Games will be announced closer to the event, pending World Athletics ratification processes and athletes' compliance with anti-doping procedures.
