In a groundbreaking move, World Athletics has announced that it will award prize money to Olympic gold medallists for the first time at the Paris 2024 Olympic Games.
Each gold medallist will receive $50,000, marking a significant step in recognizing the achievements and contributions of athletes at the pinnacle of their sport.
The decision, made on April 10, aims to financially reward athletes for their dedication and success, starting with this summer’s Olympic Games in Paris.
A total prize pot of $2.4 million has been allocated from the International Olympic Committee’s revenue share to be distributed to the winners of each of the 48 athletics events.
This initiative by World Athletics also includes plans to extend prize money to Olympic silver and bronze medallists at the LA 2028 Olympic Games.
World Athletics President Sebastian Coe commented on the decision, 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. It underscores our commitment to empowering athletes and recognizing the critical role they play in the success of any Olympic Games.”
Coe further elaborated on the evolution of this initiative, saying, “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.”
While emphasizing the importance of acknowledging athletes’ efforts and commitment, Coe added, “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.”
It’s worth noting that the payment of prize money will be contingent upon World Athletics’ ratification process, including athletes undergoing and passing the standard anti-doping procedures.
Each individual Olympic champion will receive US$50,000, while relay teams will share the same amount.
Further details regarding the format and structure of the LA28 Olympic bonuses will be announced closer to the event.
