World Athletics announced on Wednesday, April 10, that all three medallists in the 2028 Los Angeles Olympics athletics events will receive prize money. Additionally, it has been revealed that each gold medallist in the 48 athletics events of the 2024 Paris Olympics will be awarded USD 50,000 each.
The $50,000 prize money will be divided among the members of the relay teams. However, payments for silver and bronze medalists will commence after the 2028 Olympics in Los Angeles.
"While it is impossible to put a marketable value on winning an Olympic medal... 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," stated World Athletics President Sebastian Coe.
This move by the international governing body of athletics underscores the importance of rewarding excellence and encouraging participation in Olympic sports.