Track and field will make history as the first Olympic sport to offer prize money.
World Athletics announced on April 10 that gold medalists at the Paris Olympics will receive $50,000 each. This move marks a departure from the Olympics’ amateur tradition.
The governing body of athletics allocated $2.4 million to reward gold medalists across the 48 track and field events. Relay teams will divide the $50,000 among their members, while payments for silver and bronze medalists will commence from the 2028 Olympics.
World Athletics President Sebastian Coe emphasized that the prize money acknowledges athletes as the centerpiece of the Olympic spectacle. The funds will be sourced from Olympic revenue distributed to World Athletics by the International Olympic Committee (IOC).
While this decision signals a shift in Olympic dynamics, Coe clarified that World Athletics informed the IOC just before the public announcement. The IOC, in response, stated that it’s up to each sport’s governing body to decide how to utilize Olympic revenue.
The modernization of the Olympics contrasts with its amateur origins. Despite the IOC’s historical stance against prize money, many athletes receive compensation from various sources. Coe, reflecting on the transformation, highlighted the evolving landscape and the heightened pressures on athletes.
In recent Olympics, organizations like the United States Olympic and Paralympic Committee and Singapore’s National Olympic Council have offered substantial rewards for gold medalists, underscoring the changing ethos of Olympic competition.