World Athletics Sets Historical Precedent by Awarding Prize Money to Olympic Gold Medalists Starting from Paris 2024
World Athletics (WA) announced on Monday that it will become the first international sports governing body to grant prize money to Olympic gold medalists, beginning with the Paris 2024 Games. The federation has allocated a $2.4 million prize pot from its International Olympic Committee (IOC) revenue share for this purpose.
The athletes who triumph in the 48 track and field events at Paris will each receive a gold medal bonus of $50,000. Relay teams will share an equal amount amongst their members. WA President Sebastian Coe expressed his enthusiasm for this groundbreaking move, stating:
“The introduction of prize money for Olympic gold medalists represents a pivotal moment for World Athletics and athletics as a whole. It underscores our commitment to empowering athletes and recognizing their critical role in the success of any Olympic Games.”
Coe acknowledged that it is challenging to quantify the worth of an Olympic medal or the dedication and concentration required to represent one’s country at the Olympics. Nevertheless, he emphasized the significance of returning a portion of the revenues generated by athletes back to them:
“While it’s impossible to put a marketable value on winning an Olympic medal or the commitment and focus it takes to compete in one, I believe it is essential we begin somewhere and ensure that some of the revenues generated by our athletes at the Olympic Games are directly returned to those who contribute to making the Games the global spectacle they are.”
Historically, Olympic medalists have not received prize money since the event originated as an amateur competition. WA is also planning to extend this bonus initiative to Olympic silver and bronze medalists at the Los Angeles 2028 Olympic Games, with more details on the reward structure and format to be revealed later.
During a press conference, Coe dismissed concerns that this financial incentive could encourage cheating, instead emphasizing the importance of celebrating the world’s best athletes:
“It reflects World Athletics’ view that our athletes – who comprise 20% of participants at an Olympic Games – deserve recognition. I recognize that many Olympic champions will be receiving financial support from various sources, including governments, National Olympic Committees, and commercial partners. This is in no way intended to overshadow the Olympic Games; it’s merely World Athletics contributing a portion of the revenue generated.”
The official start of the Olympic Games in Paris is scheduled for July 26, and they will conclude on August 11.
