In a landmark decision, World Athletics has announced that it will become the first international federation to award prize money at the Olympic Games. This significant move is set to financially reward athletes for achieving the pinnacle of sporting success, starting at the upcoming summer Olympic Games in Paris.
Indian ace athlete Neeraj Chopra talked about the news in an recent interview. He explained how it will provide athletes more incentive to participate and perform better.
“Money-wise in athletics, there isn’t the kind of money that is in tennis or football among other sports. World Athletics’ decision to announce prize money for gold-winning athletes at the Paris Olympics is a good start. It’s a good addition.”
Initiative by World Athletics to Honor the Medalists
A total prize pot of US$2.4 million has been allocated from the International Olympic Committee’s revenue share allocation, which is received by World Athletics every four years. This fund will be used to reward athletes who win a gold medal in each of the 48 athletics events in Paris with US$50,000.
This initiative by World Athletics also includes a firm commitment to extend the prize money at a tiered level, to Olympic silver and bronze medal winners at the LA 2028 Olympic Games.
World Athletics introduces prize money for Olympic gold medallists at Paris 2024, and all medallists from LA28.
— World Athletics (@WorldAthletics) April 10, 2024
World Athletics President Sebastian Coe commented on the decision, stating, “The introduction of prize money for Olympic gold medalists 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, “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.”
This decision is particularly striking given that the IOC has never awarded money for participating or winning a medal at the Olympics, arguing that to compete at a Games is reward enough. However, World Athletics believes that the world has changed, and it is really important that where possible, money is given to athletes.
Also Read: Neeraj Chopra is set to participate in Paavo Nurmi Games in June
