- World Athletics is the first international federation to award prize money at the Olympic Games.
- The total prize pot for Paris 2024 is $2.4 million, with gold medallists receiving $50,000 each.
- This initiative will be extended to silver and bronze medallists at Los Angeles 2028.
- The decision reflects World Athletics’ commitment to empowering athletes and recognizing their role in the Olympic Games.
Newsypeople- World Athletics has made a historic announcement, becoming the first international federation to award prize money at the Olympic Games. This initiative is set to take effect at the Paris 2024 Olympic Games, marking a significant shift in the traditionally amateur nature of Olympic sports.
The global governing body for athletics has allocated a total prize pot of $2.4 million for the Paris 2024 Olympics, with gold medallists in the 48 athletics events set to receive $50,000 each. This prize money will also be extended to silver and bronze medallists at the Los Angeles 2028 Olympic Games.
World Athletics President Lord Coe highlighted this decision as a “pivotal moment” for the sport, emphasizing the organization’s commitment to empowering athletes and recognizing their critical role in the success of the Olympic Games. The decision reflects a broader acknowledgment of the financial sacrifices athletes make and the immense effort and dedication required to compete at the highest level.
World Athletics will be awarding $2.4 million across 48 events to give Olympic gold medalists $50,000. ?
— CITIUS MAG (@CitiusMag) April 10, 2024
?️ World Athletics president Seb Coe: “While it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to even… pic.twitter.com/yXe61NboXq
Coe noted that while it’s challenging to quantify the value of winning an Olympic medal or the commitment it takes to represent one’s country, it’s important to ensure that some of the revenues generated by athletes at the Olympic Games are directly returned to them.
The decision to award prize money comes as a surprise to many, given the Olympic tradition of amateur competition. However, World Athletics argues that this move aligns with the International Olympic Committee’s (IOC) broader recognition of the efforts athletes make for the overall success of the Games.
The total prize fund of $2.4 million will come from the IOC’s revenue share allocation that World Athletics receives every four years. This funding will be used to reward athletes who win a gold medal in each of the 48 athletics events in Paris, with relay teams also receiving $50,000 to be shared among team members.
The IOC, while not directly awarding prize money, has historically distributed funding through international federations and national Olympic committees. Some national Olympic committees offer financial rewards to their medallists, though this practice varies. The IOC has stated that it is up to each international federation and national Olympic committee to determine how best to serve their athletes and the global development of their sport.
This landmark decision by World Athletics represents a significant step towards acknowledging the financial contributions of athletes to the Olympic Games and the broader sporting community. It reflects a growing recognition of the value and sacrifices athletes make, aiming to support them financially in a way that aligns with the spirit of the Olympic Games.
