In a significant move
highlighting the robust sponsorship backing of athletics worldwide, World Athletics has
announced a new initiative to award Olympic champions with a financial prize of
$50,000 for achieving the pinnacle of sporting success. This initiative will
begin at the upcoming Olympic Games in Paris.
World Athletics made this
announcement recently, becoming the first international federation to offer
prize money at an Olympic Games. A total prize pool of US$2.4 million has been
earmarked from the International Olympic Committee’s revenue share allocation,
which is granted to World Athletics every four years. This prize money will be
awarded to athletes who secure a gold medal in each of the 48 athletics events in
Paris.
The initiative also includes
a firm commitment to extend the prize money structure to Olympic silver and
bronze medalists at the LA 2028 Olympic Games.
World Athletics President
Sebastian Coe commented on the decision, stating, “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 recognizing the critical role they play in the success of any Olympic
Games."
He continued, “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.”
The disbursement of prize
money is contingent upon the World Athletics ratification process, which
includes athletes undergoing and clearing the usual anti-doping procedures.
Each Olympic champion will receive US$50,000, with relay teams sharing the same
amount. Further details on the format and structure of the LA28 Olympic bonuses
will be announced closer to the event.
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