In a historic decision, the World Athletics announced today that it will become the first international federation to provide a prize fund at the Olympic Games, financially rewarding its athletes for achieving the highest rankings, starting at the Summer Games in Paris this summer.
A total prize fund of $2.4 million is separated from the International Olympic Committee's (IOC) allocated share of revenue that World Athletics receives every four years. It will be used to reward athletes who win gold medals in each of the 48 athletics disciplines in the French capital with $50,000 each. The initiative by World Athletics also includes a full commitment to expand the funds, with the idea that silver and bronze medalists will also be financially recognized at the next Olympics in Los Angeles in 2028.
"The introduction of a prize fund for Olympic gold medalists is a historic moment for World Athletics and athletics as a whole, underscoring our commitment to empowering athletes and showing how key their role is to the success of every Olympics. This is a continuation of the journey we started in 2015, in which the money received by the International Olympic Committee for the Olympic Games goes back into our sport. We started by paying Olympic dividends to our member federations, which led us to allocate an additional $5 million on top of existing grants aimed at athletics growth projects. We are now also able to fund gold medal presentations for athletes in Paris, with a commitment to awarding all medal winners at the Los Angeles Olympics. While it's not possible to put a market value on winning an Olympic medal or the commitment and focus it takes to represent your country at the Olympics, I think it's important to start somewhere and make sure that some of the proceeds, generated by our athletes at the Olympic Games, goes directly back to those who make the Games the global spectacle that it is", said World Athletics President Sebastian Coe.
Payment of the prize money will depend on World Athletics' ratification process, including the athletes passing the usual doping tests cleanly. Each individual Olympic champion will receive $50,000. Relays will receive the same amount that will be distributed among the competitors in them. The format and structure of the bonuses for the LA Olympics will be announced as the forum approaches. /BGNES
