Stockholm [Sweden], April 10 : World Athletics on Wednesday made a groundbreaking announcement, revealing that for the first time in history, it will offer prize money for upcoming Paris 2024 Olympics gold medallists.
"In a landmark decision, World Athletics has today (10 April) announced it will become the first international federation to award prize money at an Olympic Games, financially rewarding athletes for achieving the pinnacle of sporting success, starting at this summer's Olympic Games in Paris," World Athletics on Wednesday announced in a statement.
The sports governing body announced that it will set aside USD 2.4 million to reward the gold medal winners in each of the 48 track and field events on the schedule for the Olympics in Paris this year. The $50,000 will be divided among the members of the relay teams. The 2028 Summer Olympics in Los Angeles are scheduled to kick off the rewards for medals for silver and bronze.
"A total prize pot of US$2.4 million has been ring-fenced from the International Olympic Committee's revenue share allocation, which is received by World Athletics every four years. This will be used to reward athletes who win a gold medal in each of the 48 athletics events in Paris with USD 50,000," the statement further read.
This initiative by World Athletics also includes a firm commitment to extend the prize money at a tiered level, to Olympic silver and bronze medal winners at the LA 2028 Olympic Games.
World Athletics President Sebastian Coe said the introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole, "underscoring our commitment to empowering the athletes and recognising the critical role they play in the success of any Olympic Games".
"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...
"We started with the Olympic dividend payments to our Member Federations, which saw us distribute an extra USD 5m a year on top of existing grants aimed at athletics growth projects, and we are now in a position to also fund gold medal performances for athletes in Paris, with a commitment to reward all three medallists at the LA28 Olympic Games," Coe said.
"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," World Athletics President further added.
The Paris Olympics will run from July 26 to August 11.
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