The World Athletics Organization has announced a groundbreaking initiative to award prize money to gold medalists at the 2024 Olympics. Athletes will receive $50,000 alongside their medals, totaling $2.4 million from a portion of revenue received from the Olympic Committee. This move marks the first time in 128 years of Olympic history that such a prize has been introduced.
World Athletics President, Sebastian Coe, emphasized the importance of recognizing athletes' contributions to the success of the Olympic Games. Coe highlighted the organization's commitment to empowering athletes and ensuring financial stability within the track and field sector.
While the prize money will extend to silver and bronze medalists at the Los Angeles 2028 Olympics, it is important to note that Paralympic athletes are not included in this initiative. The Paralympics event is administered separately by World Para Athletics.
Sebastian Coe's vision for sharing profits with athletes aligns with World Athletics' efforts to support the growth of athletics globally. Coe emphasized the significance of rewarding athletes for their performances and acknowledged the evolving landscape of sports economics.
The International Olympic Committee (IOC) clarified that the majority of its income is reinvested into National Olympic Committees (NOCs) and International Federations (IFs) to support athletes and sports organizations. The decision to introduce prize money for Olympic gold medalists was made independently by World Athletics.
Despite not receiving prize money directly from the IOC, Olympic athletes have historically been honored by their respective countries. The move to award prize money to gold medalists has garnered mixed reactions from athletes and stakeholders within the sports community.
While some, like Armand Duplantis and Karsten Warholm, view the initiative as a positive step towards recognizing athletes' efforts, others, such as Jonathan Edwards, have expressed reservations about the potential impact on the Olympic spirit and IOC policies.
