World Athletics made a groundbreaking announcement on Wednesday, revealing that it will be the first international federation to award prize money at the upcoming Paris Olympics. A total prize pot of $2.4 million will be up for grabs, with gold medalists in the 48 track and field events set to receive $50,000 each. Relay teams will also split the winnings.
This move marks a significant shift in the world of athletics, with silver and bronze medalists set to receive monetary prizes starting from the 2028 Olympics in Los Angeles. World Athletics President Sebastian Coe expressed his excitement about the decision, stating that it underscores the organization’s commitment to empowering athletes and recognizing their crucial role in the success of the Olympic Games.
The prize money will be sourced from the revenue share that the International Olympic Committee distributes to World Athletics. Athletes will need to pass the standard anti-doping procedures to be eligible for the prize money. However, it’s important to note that the prize money will not apply to the Paralympics, as Para-athletics is governed by World Para Athletics.
Coe, a former Olympic champion himself, believes that this initiative will provide financial independence to athletes, allowing them to continue training and competing at the highest level. While the IOC does not award prize money to medalists, Coe sees this as a way to reward athletes for their dedication and hard work. This move could potentially set a precedent for other sports governing bodies to follow suit in the future.