MONACO (AP) — Track and field is set to become the first Olympic sport to introduce prize money, with World Athletics announcing Wednesday that it will pay $50,000 to gold medalists at the Paris Games.
Athletics' governing body announced it would set aside $2.4 million to pay gold medalists in the 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.
“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. “We believe it is important to ensure that the achievements of athletes at the Olympic Games go directly back to those who make the Olympics a global spectacle,” World Athletics President Sebastian Coe said in a statement.
The prize money comes from a portion of the Olympic proceeds that the IOC distributes to World Athletics and other sports governing bodies.
World Athletics added that athletes must pass “normal anti-doping procedures” at the competition before receiving prize money.
The modern Olympics began life as an amateur sporting event, and the International Olympic Committee 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.
World Athletics' move could be seen as an indication of Coe's intentions for the Olympics as a whole, should he run for IOC president.
Asked last year whether he would consider running for the IOC's top post when Thomas Bach's term ends in 2025, Coe said: “I haven't ruled it out, of course.'' I haven't ruled it out, either.” The IOC usually does not approve any proposals. A public election campaign aimed at becoming president.
___
AP Sports: https://apnews.com/sports
