In a groundbreaking move, World Athletics has declared its intention to offer prize money at the Olympic Games, marking the first time an international federation will provide financial rewards to medalists. The announcement comes ahead of the Paris 2024 Olympics, where a total prize pool of $2.4 million has been allocated, with gold medal winners set to receive $50,000 each.

The decision represents a significant shift in policy for the global governing body of athletics, with World Athletics President Lord Coe hailing it as a “pivotal moment” for the sport. Under the new initiative, medalists at the 2024 Paris Olympics will be entitled to receive prize money, with plans to extend the scheme to silver and bronze medalists at the 2028 Los Angeles Games.

In Paris, where 48 athletics events are scheduled, gold medal-winning relay teams will also share in the prize money. Coe emphasized the importance of recognizing the athletes’ contributions to the success of the Olympic Games and empowering them through financial rewards.

While acknowledging the inherent value of Olympic success beyond monetary compensation, Coe stressed the need to initiate a system that directly returns some of the revenues generated by athletes back to them. World Athletics intends to announce the format and structure of prize money for the 2028 Games closer to the event.

However, eligibility for prize money will be contingent upon athletes undergoing and clearing standard anti-doping procedures, ensuring fairness and integrity in the sport. The move by World Athletics contrasts with the International Olympic Committee’s tradition of not awarding prize money directly to athletes, instead distributing funding through federations and national Olympic committees.

Although some national Olympic committees provide financial incentives to their medalists, the British Olympic Association does not offer such rewards. As of now, the IOC has yet to comment on World Athletics’ groundbreaking decision.

The introduction of prize money at the Olympic Games represents a significant development in the sporting world, reflecting a growing recognition of athletes’ contributions and the importance of incentivizing excellence on the global stage.