For the first time in sporting history, athletes who win a gold medal at this year’s Olympic Games in Paris, will be awarded $50,000, about R940 866.
This was announced by the World Athletics, becoming the first international federation to award money at an Olympic Games, for athletes who achieve the pinnacle of sporting success.
The federation say a total prize pot of US$2.4 million has been ring fenced from the International Olympic Committee’s revenue share allocation, which is received by World Athletics every four years.
The money will be used to reward athletes who win a gold medal in each of the 48 athletics events in Paris with US$50,000.
The federation has made a commitment to extend the prize money at a tiered level, to Olympic silver and bronze medal winners at the Los Angeles 2028 Olympic Games.
“The introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognising the critical role they play in the success of any Olympic Games.
“This is the continuation of a journey we started back in 2015, which sees all the money World Athletics receives from the International Olympic Committee for the Olympic Games go directly back into our sport.
“We started with the Olympic dividend payments to our Member Federations, which saw us distribute an extra US$5m a year on top of existing grants aimed at athletics growth projects.
While it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to even represent your country at an Olympic Games, I think it is important we start somewhere and make sure some of the revenues generated by our athletes at the Olympic Games are directly returned to those who make the Games the global spectacle that it is,” said World Athletics President, Sebastian Coe.
Coe added that the payment of prize money will however depend upon the World Athletics ratification process, including athletes undergoing and clearing the usual anti-doping procedures.
Relay teams will receive the same amount, to be shared among the team.
