In a historic decision, track and field will be the inaugural sport at the Olympics to offer prize money, with World Athletics announcing plans to award $50,000 to gold medalists at the upcoming Paris Olympics. Revealed on Wednesday, this initiative marks a significant departure from the Olympics’ traditional amateur ethos, particularly in some of its most popular disciplines.
World Athletics is allocating $2.4 million to distribute among the gold medal winners of the 48 events in the men’s, women’s, and mixed track and field categories at the Paris Games. Relay teams will share the $50,000 prize among their members. The organization also plans to begin awarding prize money to silver and bronze medalists starting with the 2028 Olympics in Los Angeles.
Sebastian Coe, President of World Athletics, explained that this move is intended to acknowledge the athletes’ pivotal role in generating revenue, emphasizing that “our athletes are the stars of the show.” The funds for these prizes will be sourced from the portion of Olympic revenue provided to World Athletics by the International Olympic Committee (IOC).
However, this development might disrupt the traditional dynamics within the Olympic community as the Paris Games approach. Coe mentioned that World Athletics had only informed the IOC of their plans on the morning of the announcement.
The IOC responded by affirming that it is the prerogative of each sport’s governing body to decide on the utilization of their share of the Olympic revenue. They highlighted, “The IOC redistributes 90% of all its income, channeling approximately $4.2 million daily to support athletes and sports organizations globally. It remains the responsibility of each International Federation and National Olympic Committee to determine how they will support their athletes and foster the development of their sport worldwide.”
Historically, the modern Olympics began as an amateur competition, with the IOC not providing prize money directly. Nonetheless, many medalists receive financial rewards from their respective governments, national sports organizations, or sponsors after the Games. For instance, the United States Olympic and Paralympic Committee awarded $37,500 to each gold medalist at the 2021 Tokyo Summer Games, while Singapore’s National Olympic Council offers a substantial $1 million for Olympic gold, a prize claimed once so far by a Singaporean athlete.
