Track and field has made history by becoming the first sport to offer prize money at the Olympics. Individual gold medallists at the 2024 Paris Games will receive $US50,000 ($A75,500) each.
The announcement was made by World Athletics (WA) president Sebastian Coe shortly after the governing body informed the International Olympic Committee of this groundbreaking decision.
WA has allocated $US2.4 million ($A3.6 million) to reward the gold medallists across the 48 events in the track and field program at the Paris Olympics.
Relay teams will divide the $US50,000 among their members.
Coe also stated that silver and bronze medallists from the 2028 Los Angeles Olympics onwards will also receive prize money.
During a teleconference on Wednesday, Coe mentioned, “As we continue to expand the commercial aspect of the sport, I plan to increase the prize fund. This is a significant step to acknowledge the athletes who contribute to making us the top Olympic sport.”
Coe declined to comment on whether other sports or the IOC should follow track and field’s example in providing prize money for Olympic gold medals.
He stated, “It is up to individual sports to decide on this matter. I prefer not to speak on behalf of other sports, just as I wouldn’t want them to speak for athletics. This decision lies with them and the international Olympic movement.”
In comparison, gold medallists at the biennial outdoor world athletics championships currently receive $US70,000 ($A105,600) each, with additional compensation for minor medallists.
WA generates 95% of its total revenue from its various world championships.
The modern Olympics were originally amateur events and typically do not offer prize money. However, many medallists receive financial rewards from their governments, national sports organizations, or sponsors.
