World Athletics Introduces Prize Money for Olympic Gold Medallists at Paris 2024 – Latest Sports News In Nigeria
In a groundbreaking move, World Athletics has announced the introduction of prize money for Olympic gold medallists at the Paris 2024 Games. Each gold medallist will receive a hefty sum of $50,000, marking a significant step in recognizing the achievements and contributions of athletes at the pinnacle of their sport.
The decision, which was made on April 10, aims to financially reward athletes for their dedication and success, starting with this summer’s Olympic Games in Paris. A total prize pot of $2.4 million has been allocated from the International Olympic Committee’s revenue share to be distributed to the winners of each of the 48 athletics events.
This initiative by World Athletics also includes plans to extend prize money to Olympic silver and bronze medallists at the LA 2028 Olympic Games. World Athletics President Sebastian Coe expressed his excitement about the decision, stating, “The introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole. It underscores our commitment to empowering athletes and recognizing the critical role they play in the success of any Olympic Games.”
Coe further emphasized the evolution of this initiative, highlighting the importance of acknowledging athletes’ efforts and commitment. He mentioned that while it is impossible to put a marketable value on winning an Olympic medal, it is crucial to start somewhere and ensure that some of the revenues generated by athletes at the Olympic Games are directly returned to those who make the Games a global spectacle.
The payment of prize money will be contingent upon World Athletics’ ratification process, including athletes undergoing and passing standard anti-doping procedures. Each individual Olympic champion will receive $50,000, while relay teams will share the same amount. Further details regarding the format and structure of the LA28 Olympic bonuses will be announced closer to the event. This move by World Athletics is set to revolutionize the way athletes are rewarded for their hard work and dedication on the world stage.