World Athletics introduces $50,000 prize money for track-and-field gold medalists at Paris Olympics 2024
World Athletics President Sebastian Coe has announced that track and field gold medalists at the upcoming Paris Olympics 2024 will be awarded USD 50,000 prize money by the global body.
With this announcement, track and field has become the first spot to introduce prize money at the Summer Games. The athletics global governing body has set aside USD 2.4 million to reward the gold medalists at the quadrennial event across the 48 events.
However, in the relay events, the teams will have to split the $50,000 among them. Notably, the prize money will be announced for silver and bronze medalists from the Los Angeles Olympics in 2028.
Sebastian has emphasized that the prize money will come from the share of revenue that the International Olympic Committee distributes to World Athletics and other respective bodies across the sports.
Basic criteria to win the prize money at Paris Olympics 2024
Furthermore, the body stated that the basic criteria for the athletes to be rewarded is to pass the anti-doping procedures set by the World Anti-Doping Agency (WADA) at the Paris Olympics 2024.
“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,” World Athletics President Sebastian Coe said in a statement.
“The minimum criteria for the athletes to be rewarded is that they have to pass 'the usual anti-doping procedures' at the event,” World Athletics added.
Earlier, the US sports bodies rewarded all of its gold medalists in 2021.
It’s important to note that the International Olympic Committee never rewards the medalists with prize money. However, many medalists are rewarded for their efforts by their respective countries.
For instance, the United States Olympic and Paralympic Committee awarded USD 37,500 to gold medalists at the Tokyo Games in 2021.
Furthermore, Singapore's National Olympic Council promises USD 1 million for Olympic gold ahead of the Paris Olympics 2024. Interestingly, Singapore has won only one gold medal so far in Olympics history.