World Athletics to Award Prize Money to Olympic Gold Medalists at Paris 2024 Games

World Athletics (WA) has announced a groundbreaking decision to award prize money to Olympic gold medalists at the Paris 2024 Games, marking a significant shift in the traditional approach to rewarding athletes. A prize pot of $2.4 million has been set aside by WA from the International Olympic Committee’s revenue share allocation, with each gold medalist in the 48 track and field events set to receive $50,000.

WA president Sebastian Coe emphasized the importance of recognizing the athletes’ contributions to the success of the Olympic Games, stating that the introduction of prize money is a pivotal moment for the sport of athletics. While Olympic medal winners have historically not received prize money due to the event’s amateur origins, WA’s initiative aims to empower athletes and acknowledge their dedication and commitment.

The IOC responded to WA’s prize money scheme by highlighting its own methods of funding athletes, emphasizing the redistribution of income to support athletes and sports organizations globally. WA plans to extend the bonus initiative to Olympic silver and bronze medalists at the Los Angeles 2028 Games, with details of the reward structure to be confirmed at a later stage.

As the countdown to the Paris 2024 Olympics continues, the introduction of prize money for gold medalists adds a new dimension to the competition, sparking discussions about the impact of financial incentives on athletes. WA’s decision reflects a commitment to recognizing the world’s best athletes and highlighting their achievements on the global stage. The Olympic Games are set to kick off in Paris on July 26, promising an exciting showcase of athletic talent and determination.