Track and field athletes who will win gold medals at the next competition summer olympics World Athletics announced Wednesday that participants in Paris will receive an additional $50,000 in prize money. This landmark decision makes track and field the first Olympic sport to introduce prize money.
The move marks a symbolic break with the amateur past of one of the most-watched Olympic sports.
Athletics officials have announced they will set aside $2.4 million to pay gold medalists in 48 events on this year's Paris Olympic track and field program. The relay team will divide his $50,000 among its members. Payments to silver and bronze medalists are expected to begin at the 2028 Los Angeles Olympics.
“The introduction of prize money for Olympic gold medalists is a vital initiative to empower athletes and recognize the important role they play in the success of the Olympic Games,” World Athletics President Sebastian Coe said in a statement. ”.
The prize money comes from a portion of Olympic revenues distributed to World Athletics by the International Olympic Committee (IOC).
“It’s impossible to put a market value on the effort and focus it takes to win a medal at the Olympics or represent your country at the Olympics, but you can start somewhere and make sure you capture some of the revenue generated. “I think it's important to ensure that the achievements of the athletes at the Olympic Games go directly back to the people who make the Olympics a global spectacle,” said Coe.
Coe, the British runner who won gold in the 1,500 meters at the 1980 and 1984 Games, told reporters that World Athletics had “advised” the IOC of its intentions on Wednesday morning, shortly before making the announcement.
In response, the IOC issued a statement to CBS saying it was up to each sport's governing body to decide how to spend some of its Olympic revenue.
“The IOC redistributes 90% of all revenues to, inter alia, National Olympic Committees (NOCs) and International Federations (IFs),” the IOC said. “This means that the equivalent of $4.2 million is spent every day supporting athletes and sports organizations at all levels around the world. It is the responsibility of each IF and NOC to decide how to best serve their IFs and NOCs.” ”
World Athletics added that athletes will have to pass “normal anti-doping procedures” at the Olympics before receiving the new prize money.
The modern Olympics began life as an amateur sporting event, and the IOC does not award prize money. However, many medalists receive compensation from their governments, national sports organizations, or sponsors.
The United States Olympic and Paralympic Committee has awarded $37,500 to the gold medalists at the final Summer Olympics, to be held in Tokyo in 2021. Singapore's National Olympic Council has pledged $1 million for an Olympic gold medal, a feat that has only been achieved once before by a Singaporean athlete.
It is the only Olympic tournament of the season in sports such as tennis and golf, where many professional athletes can win medals for free but no prize money. But Coe didn't want to speculate on whether other sports would follow track and field's lead.
