World Athletics Sets New Standard with $50,000 Prize for Paris 2024 Olympic Champions

World Athletics (WA) announced on Monday that they will be the first international sports governing body to offer prize money to Olympic gold medalists, starting from the Paris 2024 Games.

The federation has allocated a prize pot of $2.4 million from the International Olympic Committee's (IOC) revenue share, which is distributed every four years, to recognize and reward athletes for their achievements.

Athletes who win gold in each of the 48 track and field events in Paris will receive $50,000. Relay teams will receive the same amount to share amongst the athletes.

"The introduction of prize money for Olympic gold medalists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognizing the critical role they play in the success of any Olympic Games," WA president Sebastian Coe said in a statement.

Coe emphasized the importance of recognizing the value of winning an Olympic medal and the dedication required to compete at the Games. He believes that a portion of the revenue generated by athletes should be given back to those who contribute to the success of the global event.

Historically, Olympic medalists have not been awarded prize money since the competition was originally intended for amateur athletes.

WA has expressed its commitment to extending the bonus initiative to Olympic silver and bronze medalists at the Los Angeles 2028 Olympic Games. The details of the reward structure and format for these Games will be finalized at a later stage.

Coe, in a later statement to reporters, expressed his disagreement with the notion that offering financial incentives would encourage cheating. Instead, he emphasized the significance of recognizing and celebrating the talents of the world's top athletes.

“It shows that World Athletics believes our athletes, who make up 20% of participants at the Olympic Games, deserve recognition,” he explained.

“I understand that many Olympic champions receive financial support from various sources like governments, National Olympic Committees, and commercial partners. This is not meant to take away from the importance of the Olympic Games; it simply highlights World Athletics' commitment as a single federation for the athletes under its care.”

The Olympic Games officially get underway in Paris on July 26 and run until August 11.

Editor's P/S:

World Athletics' decision to award prize money to Olympic gold medalists marks a significant shift in the history of the Olympic Games. Historically, the Games have been reserved for amateur athletes, and financial incentives were prohibited. However, with the recognition of the dedication and sacrifices made by athletes today, World Athletics is setting a precedent by acknowledging the value of their achievements.

This move not only rewards the world's top athletes but also sends a strong message about the importance of financial support for athletes. In an era where commercialization and professionalization in sports are prevalent, it's crucial to ensure that athletes have access to resources and incentives that enable them to thrive both on and off the field. By providing prize money, World Athletics is setting an example for other sports governing bodies to prioritize the well-being and recognition of their athletes.