In an unprecedented move, World Athletics (WA), the international governing body for track and field, announced it will introduce prize money for Olympic gold medalists at the Paris 2024 Games. This initiative marks a historic shift from the tradition of not offering financial rewards to Olympic champions, aligning with WA’s objective to enhance athlete empowerment and recognition. A total of $2.4 million, derived from the International Olympic Committee’s (IOC) revenue share, has been earmarked for this purpose, ensuring gold medalists in each of the 48 track and field events receive $50,000. Relay teams will also be awarded the same amount, distributed among the team members.
Sebastian Coe, the president of World Athletics, emphasized the significance of this development, stating, “The introduction of prize money for Olympic gold medalists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognizing the critical role they play in the success of any Olympic Games.” Coe’s commentary highlights the federation’s dedication to acknowledging the athletes’ contributions to the Olympics’ global appeal despite the challenge of quantifying the value of an Olympic medal or the effort required to compete at such a level.
World Athletics’ plan to extend the bonus initiative to include silver and bronze medalists at the Los Angeles 2028 Games further underscores the organization’s commitment to athlete recognition and reward. Despite concerns that the introduction of prize money might encourage cheating, Coe reassured that the primary goal is to celebrate the talents of the world’s top athletes without detracting from the spirit of the Olympic Games. He explained, “It reflects World Athletics’ view that the athletes – our athletes make up 20% in numbers at an Olympic Games – should be recognized.”
As the Paris Olympics approach, beginning on July 26 and concluding on August 11, this initiative represents a significant step forward in supporting and valuing athletes’ achievements. By directly sharing Olympic-generated revenues with the competitors, World Athletics sets a precedent in the sporting world, acknowledging the immense dedication and hard work of the athletes who contribute to the spectacle and success of the Games.
