Benoît Tessier/Reuters
A preview of the gold medal awarded to the winner at the 2024 Paris Olympics.
CNN
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World Athletics (WA) will become the first international sports governing body to award prize money to Olympic gold medalists starting at the 2024 Paris Games, the federation announced in a statement on Monday.
The $2.4 million prize pot is set aside by WA from the International Olympic Committee (IOC) revenue sharing allocation it receives every four years to reward athletes.
Athletes who win gold medals in each of the 48 track and field events held in Paris will receive $50,000. Relay teams receive an equal amount of money to be divided among the athletes.
“The introduction of prize money for Olympic gold medalists is a pivotal moment for the World Athletics Championships and athletics as a whole, with the aim of empowering athletes and recognizing the important role they play in the success of the Olympic Games. We are highlighting our efforts,” Washington State said. President Sebastian Coe said in his statement:
“It’s impossible to put a market value on the effort and focus it takes to win an Olympic medal or represent your country at the Olympics, but you can start somewhere and make sure you get a portion of the revenue generated. “I think it's important to ensure that what our athletes gain at the Olympic Games goes directly back to the people who make the Olympics a global spectacle,” Coe added.
Traditionally, Olympic medal winners do not receive prize money, as the event began as an amateur competition.
The IOC on Thursday pointed to its own approach to funding athletes in response to WA's prize money system.
“The IOC redistributes 90% of all revenues, inter alia to National Olympic Committees (NOCs) and International Federations (IFs),” it said in a statement sent to CNN.
“This means that the equivalent of US$4.2 million is supported every day by athletes and sports organizations at all levels around the world. It is up to each IF and NOC to decide whether to offer it.”
WA said it is committed to extending the bonus initiative to silver and bronze medalists at the 2028 Los Angeles Olympics. The reward structure and format of these games will be confirmed at a later stage.
Coe later told reporters he disagreed that the financial incentives encouraged cheating, stressing instead the importance of highlighting the abilities of the world's best athletes.
“This reflects World Athletics' view that our athletes, who represent 20% of the number of athletes at the Olympic Games, should be recognized,” he said.
“We are aware that many Olympic champions receive money and financial support from various organizations, whether governments, national Olympic committees or commercial partners, but this in no way affects the Olympics. I am not responsible for the competition, it is only one federation, World Athletics, and I am only responsible for it. ”
The Olympics will officially open in Paris on July 26th and will run until August 11th.
George Ramsay contributed to this report.
