World Athletics has announced each athlete that wins a gold medal at the upcoming 2024 Summer Olympics in Paris will receive a $50, 000 prize money which is equivalent to 677,669 Ghana Cedis at the time of writing this piece.
Relay teams will split the $50,000 between their members. Meanwhile, payments for silver and bronze medalists are planned to start from the 2028 Olympics in Los Angeles.
This means track and field is set to become the first sport to introduce prize money at the Olympics.
Sebastien Coe Gives Speaks on Historic Decision
World Athletics President Sebastian Coe told reporters that the move is meant “to recognize that the revenue share that we receive is in large part because our athletes are the stars of the show.”
The modern Olympics originated as an amateur sports event and the IOC does not award prize money.
However, many medalists receive payments from their countries’ governments, national sports bodies or from sponsors.
“I’m probably the last generation to have been on the 75-pence (95-cent) meal voucher and second-class rail fare, competing for my own country. So believe me, I do understand the nature of the transition we’ve been in,” Coe said.
He continued:
“It’s a completely different planet from when I was competing, so it’s very important that this sport recognizes the change in that landscape and the added pressures on many competitors.”
2024 Summer Olympics Track and Field Prize Money to Come From World Athletics’ Share of IOC Olympic Revenue
The prize money will come out of the share of Olympic revenue that that the IOC distributes to World Athletics.
However, the move could upset the balance of power in the Olympic movement ahead of the Paris Games.
Coe said World Athletics only gave the International Olympic Committee “a heads-up” of its intentions on Wednesday morning, shortly before it published its announcement.
In response, the IOC said it was up to each sport’s governing body to decide how to spend its share of Olympic revenue.
“The IOC redistributes 90% of all its income, in particular to the National Olympic Committees (NOCs) and International Federations (IFs),” the IOC said.
“This means that, every day, the equivalent of $4.2 million goes to help athletes and sports organizations at all levels around the world. It is up to each IF and NOC to determine how to best serve their athletes and the global development of their sport.”
The governing body of athletics said it was setting aside $2.4 million to pay the gold medalists across the 48 men’s, women’s and mixed events on the track and field program for this year’s Paris Olympics.
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