For the first time, the World Athletics announced to introduce prize money for gold medallists at the upcoming Paris 2024 Olympics, marking a historic first in Olympic history.
World Athletics revealed in a statement that, “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.”
This initiative marks a significant departure from tradition and signals a progressive step towards recognizing the achievements of athletes on the world stage.
The decision to introduce prize money stems from a portion of the International Olympic Committee’s revenue share allocation, which is entrusted to World Athletics every four years. This financial commitment aims to acknowledge the remarkable feats of athletes who clinch gold at the pinnacle of sporting excellence.
Moreover, World Athletics President Sebastian Coe emphasised the organization’s dedication to further expanding the prize structure, with plans to extend rewards to silver and bronze medallists at the 2028 Los Angeles Olympics. Coe highlighted the pivotal role athletes play in the success of the Olympic Games and reiterated World Athletics’ commitment to supporting and empowering them.
Coe emphasised that while it’s challenging to quantify the true value of an Olympic medal, the introduction of prize money is a tangible step towards ensuring that athletes receive recognition and support for their immense dedication and efforts. This move underscores World Athletics’ ongoing commitment to reinvesting revenues generated by athletes back into the sport.
The Paris Olympics, scheduled from July 26 to August 11, will mark the commencement of this landmark initiative, promising to usher in a new era of acknowledgment and appreciation for athletes’ contributions to the global sporting spectacle.