Track and field is likely to become the first Olympic sport to offer prize money, with World Athletics announcing on Wednesday that gold medalists in Paris will receive $50,000.
The athletics governing body announced that $2.4 million would be put aside to reward gold medalists in 48 men’s, women’s, and mixed track and field events at this year’s Paris Olympics. Relay teams will split the $50,000 among their members. Prize money for silver and bronze medalists is set to begin at the 2028 Olympics in Los Angeles.
The award money will come from the IOC’s share of Olympic revenue distributed to World Athletics
Sebastian Coe, President of World Athletics, told reporters that the decision is intended “to recognize that the revenue share that we receive is in large part because our athletes are the stars of the show.”
The award money will come from the IOC’s share of Olympic revenue distributed to World Athletics.
However, the decision may disturb the balance of power in the Olympic movement ahead of the Paris Games. Coe stated that World Athletics only gave the International Olympic Committee “a heads-up” of its intentions on Wednesday morning, soon before its statement.
In response, the IOC stated that it was up to each sport’s governing body to determine how to spend its portion of Olympic income.
“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 modern Olympics began as an amateur sporting event, and the IOC does not award prize money. Many medalists, however, receive income from their respective governments, national sports organizations, or 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.
The British runner won gold in the 1,500 meters at the 1980 and 1984 Olympics, when the Olympic track was on the verge of opening up to professional athletes.
“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.”
The United States Olympic and Paralympic Committee paid gold medalists $37,500 at the 2021 Summer Games in Tokyo. Singapore’s National Olympic Council pledges $1 million for Olympic gold, a feat only accomplished once so far by a Singaporean athlete.