World Athletics introduces prize money for Olympic gold medallists
11th April 2024
The payment of prize money will depend upon the World Athletics ratification process, including athletes undergoing and clearing the usual anti-doping procedures.
- A total prize pot of US$2.4 million (Ksh 312,676,100) has been ring-fenced from the International Olympic Committee’s revenue share allocation, which is received by World Athletics every four years
- Each individual Olympic champion will receive US$50,000 (Ksh. 6,514,085). Relay teams will receive the same amount, to be shared among the team.
- Silver and bronze medalists will be paid starting from the 2028 Olympics.
In a landmark decision, World Athletics has announced it
will become the first international federation to award prize money at an
Olympic Games.
World Athletics said they will financially reward athletes
for achieving the pinnacle of sporting success, starting at this summer’s 2024 Olympic
Games to be held in Paris.
A total prize pot of US$2.4 million (Ksh 312,676,100) 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 the winners set to pocket US$50,000
(Ksh. 6,514,085).
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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 starting at the LA 2028 Olympic Games.
When sharing details of the decision, World Athletics
President Sebastian Coe commented: "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.
“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.
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“We started with the Olympic dividend payments to our Member
Federations, which saw us distribute an extra US$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 medalists at the LA28 Olympic Games.
“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.”
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The payment of prize money will depend upon the World
Athletics ratification process, including athletes undergoing and clearing the
usual anti-doping procedures.
Each individual Olympic champion will receive US$50,000.
Relay teams will receive the same amount, to be shared among the team.
The format and structure of the LA28 Olympic bonuses will be announced nearer the time.
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