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World Athletics is keen to become the first international federation to introduce prize money for gold medallists starting with this year's Olympic Games in Paris, France.
World Athletics plans to be the first international federation in history to award prize money at an Olympic Games, financially rewarding athletes who win gold medals at the Paris 2024 Olympic Games.
A total prize pot of US$2.4 million (about Ksh 312 million) has been ring-fenced from the International Olympic Committee’s revenue share allocation, which is received by World Athletics every four years.
The finances will be used to reward athletes who win a gold medal in each of the 48 athletics events in Paris with US$50,000 (Ksh 6.5 million). Relay teams will receive the same amount, to be shared among the team.
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World Athletics also plans to extend the prize money at a tiered level, to Olympic silver and bronze medal winners at the LA 2028 Olympic Games.
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"The introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognising the critical role they play in the success of any Olympic Games.
“This is the continuation of a journey we started back in 2015, which sees all the money World Athletics receives from the International Olympic Committee for the Olympic Games go directly back into our sport.
“We started with the Olympic dividend payments to our Member Federations, which saw us distribute an extra US$5m a year on top of existing grants aimed at athletics growth projects, and we are now in a position to also fund gold medal performances for athletes in Paris, with a commitment to reward all three medallists at the LA28 Olympic Games,” World Athletics president Sebastian Coe said.
He added that 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, World Athletics think it is important they ensure 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.
The payment of prize money will depend upon the World Athletics ratification process, including athletes undergoing and clearing the usual anti-doping procedures. The format and structure of the LA28 Olympic bonuses will be announced nearer the time.
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