For the past 128 years, the International Olympic Committee (IOC) has staunchly adhered to the belief that the honor of competing in the Games should be its own reward, eschewing any form of monetary compensation for participants or medalists. Throughout this time, athletes have been driven by the pursuit of glory rather than pecuniary gains.
However, World Athletics has chosen to challenge this longstanding tradition. In a historic and audacious move, the global governing body for athletics has announced its departure from convention: Olympic gold medalists will now receive prize money, starting from the Paris 2024 Games. This groundbreaking decision positions World Athletics as the pioneer among international federations in this regard.
A substantial sum of $2.4 million has been earmarked from the IOC’s revenue share allocation to acknowledge and reward the efforts of athletes. Those who win gold in each of the 48 track and field events in Paris will be bestowed with a generous cash prize of $50,000. Similarly, relay teams will have the privilege of sharing this amount among their members.
“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,” World Athletics President Sebastian Coe said in a press briefing.
“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.”
Asked if prize money contradicted the Olympic spirit, Coe stated, “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 has been customary for certain national federations and sponsors to offer bonuses to Olympic athletes. However, it is an unprecedented development in the history of the modern Games, dating back to 1896, that a gold medal now comes with an assured monetary prize directly from the governing body of a sport.
“If I thought athletes were only competing because there was a financial pot at the end of the day, then I might take a very different view, but they are not,” added Coe. “I think this gives them a little bit more skin in the game.”