World Athletics announces $50,000 rewards for Olympic gold medallists

World Athletics, on Wednesday, announced cash prizes for Olympic gold medallists starting from the 2024 Paris Olympics. Following this decision, it became the first international federation to announce monetary benefits for the Olympic champions.

A total prize pot of $2.4 million has been ring-fenced from the International Olympic Committee’s (IOC) revenue share allocation, which is received by World Athletics every four years.

This will be used to reward athletes who win a gold medal in each of the 48 athletics events in Paris, with each individual Olympic champion set to receive $50,000. Relay teams will receive the same amount, to be shared among the team members.

The initiative also came with a firm commitment to extend the incentive to silver and bronze medalists at the 2028 Los Angeles Olympics.

Sebastian Coe, the president of the World Athletics, said, "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."

"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 added.

The payment of prize money will depend upon the World Athletics' ratification process, including athletes undergoing and clearing the usual anti-doping procedures.