Exciting news for track and field athletes participating in the upcoming Summer Olympics in Paris - they now have the chance to win an additional $50,000 along with their gold medals, as announced by World Athletics on Wednesday. This groundbreaking decision marks track and field as the first sport to offer prize money at the Olympics.
This move signifies a significant departure from the amateur history of the Olympics, particularly in one of the most popular events of the games.
Officials in athletics have allocated $2.4 million to reward gold medalists across the 48 events in the track and field program at the upcoming Paris Olympics. For relay teams, the $50,000 prize will be divided among team members. Starting from the 2028 Olympics in Los Angeles, plans are in place to provide prize money for silver and bronze medalists as well.
"The introduction of prize money for Olympic gold medalists is a crucial step in supporting athletes and acknowledging the significant role they play in the success of any Olympic Games," stated World Athletics President Sebastian Coe.
The prize money will be sourced from the portion of Olympic revenue that the International Olympic Committee (IOC) allocates to World Athletics.
"In recognizing the immense value of winning an Olympic medal and the dedication required to represent one's country at the Games, it is crucial to take a step towards ensuring that some of the earnings generated by our athletes at the Olympics are directly shared with those who contribute to making the Games a global phenomenon," stated Coe.
Athletes will need to successfully complete the standard anti-doping protocols at the Olympics before becoming eligible for the new cash prize, as outlined by World Athletics.
The Olympic Games were initially founded on the principles of amateur sports, and the International Olympic Committee (IOC) does not provide monetary rewards. Nevertheless, numerous medalists receive financial incentives from their respective governments, national sports organizations, or sponsors.
During the most recent Summer Games in Tokyo in 2021, the United States Olympic and Paralympic Committee granted $37,500 to gold medal winners. Singapore's National Olympic Council has pledged $1 million for an Olympic gold medal, a remarkable achievement that has been attained only once by a Singaporean athlete.
In certain sports such as tennis and golf, the Olympic competition is the sole occasion in a season where numerous professional athletes compete without any prize money but with the opportunity to earn medals. Coe refrained from speculating on whether other sporting events would follow the example set by track and field.
