World Athletics, the global governing body for athletics, has made a significant announcement – it will become the first international federation to award prize money at the Olympic Games. The organisation has set aside a total prize fund of $2.4m (£1.9m) for the upcoming Olympics in Paris, with gold medal winners receiving $50,000 (£39,400). The decision is being hailed as a “pivotal moment” by World Athletics President, Lord Coe, who explained that the move is aimed at creating a “stable financial landscape” for athletes.
For the 48 athletics events in Paris, relay gold medallists will have to share the prize money among their teammates. However, the prize money will not apply to the Paralympics, which takes place from 28 August to 8 September, as Para-athletics is governed by World Para Athletics.
Coe stated that “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 recognizing the critical role they play in the success of any Olympic Games.” He further added, “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.”
Former British athlete, Greg Rutherford, who won gold in the long jump at London 2012, welcomed the announcement, saying, “This is a brilliant step in the right direction.” He further added that the view that Olympic sports are still amateur “couldn’t be further from the truth”.
There is, however, a debate surrounding whether the decision to offer prize money goes against the Olympic spirit. Coe, however, does not agree with this view. He said, “I don’t see that making life a little easier for the athletes, allowing them maybe to stay on in the sport a little bit longer, to give them the financial independence to train, and maybe in a more sophisticated way is anything other than sitting behind good firm Olympic principles.”
It is worth noting that while the International Olympic Committee (IOC) does not award prize money, it distributes funding through international federations and national Olympic committees. Each IF and NOC determines how to best serve their athletes and the global development of their sport. Some national Olympic committees offer financial rewards to their medallists, though the British Olympic Association does not.
Furthermore, World Athletics said that the format and structure of prize money for the 2028 Games will be announced nearer the time. It added that the payment of prize money will depend on athletes “undergoing and clearing the usual anti-doping procedures”.
