For the first time in history, World Athletics has become the first sports governing body to introduce prize money at the Olympics and will be paying gold medalists a cash reward of $50,000 (about Shs190 million) in Paris.
The body announced this on X (formerly Twitter), stating that there will be prize money for Olympic champions and relay teams across 48 events. This money comes from the International Olympic Committee’s revenue share allocation, which is received by World Athletics every four years.
“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,” said World Athletics President Sebastian Coe when sharing details of the decision.
“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,” he concluded.
The 2024 Paris Olympics Games are scheduled to take place from 26 July to 11 August.
