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World Athletics, the governing body that oversees track and field competitions around the world, will award a $50,000 prize to the gold medal winner at the 2024 Paris Olympics.
In doing so, the organization will become the first international federation to offer prize money directly to Olympic medalists, marking a landmark moment in the Olympic Games' slow but steady transition away from amateurism.
The prize pot for the 2024 World Athletics Championships will total $2.4 million across 48 men's and women's track and field events, including track and field events such as the 100-meter run, pole vault, and javelin throw, as well as road races such as the marathon and track and field events. . Race walking. The four-person relay teams will split the prize money at $12,500 each.
In Wednesday's announcement, World Athletics also said it would pay out prize money in stages to all medal winners at the 2028 Los Angeles Olympics, with details expected to be announced closer to the Games.
“It’s impossible to put a market value on the effort and focus it takes to win a medal at the Olympics or represent your country at the Olympics, but you can start somewhere and make sure you capture some of the revenue generated. “The achievements of the athletes at the Olympic Games go directly back to the people who make the Olympics a global spectacle,” said World Athletics president and two-time Olympic gold medalist. Sebastian Coe, who acquired the award, said:
The prize money comes from payments made by the International Olympic Committee to World Athletics, which brings in billions of dollars in revenue from broadcast deals and other sponsorships. The IOC then redistributes millions of dollars each year to international sports federations and national Olympic committees.
Coe said the IOC was unaware of the decision until just before World Athletics announced it.
Other sports federations have not announced similar compensation plans for medalists.
Some countries give athletes bonuses for winning medals.
Many Olympic athletes receive medal bonuses from their home countries. The United States Olympic and Paralympic Committee will award the athlete $37,500 for the gold medal, $22,500 for the silver medal and $15,000 for the bronze medal. Some countries with far fewer players offer even larger bonuses. Hong Kong offers gold medalists the equivalent of about $638,000, while Singapore offers the equivalent of about $740,000. However, other countries such as the UK and New Zealand do not offer any prize money at all.
The $50,000 prize for the gold medalist underscores World Athletics' “commitment to empowering athletes and recognizing the important role they play in the success of the Olympic Games,” said Coe. Told.
For athletes, the costs of training and competing to compete in the Olympics can be prohibitive, with each year paying for coaching and traveling to events while forgoing a traditional career income to pursue the sport. You have to pay thousands of dollars. Like many countries, the United States does not provide direct federal support to Olympic athletes.
Some athletes, especially those who compete in the most-watched sports such as gymnastics, can earn money from sponsorship deals.
Norwegian sprinter Karsten Warholm, who won gold at the 2020 Tokyo Olympics, welcomed the news.
“I want to pay tribute to them because I think that's a good thing,” Warholm told Reuters. Norway is one of the countries that does not pay bonuses to medalists. “I'm not participating in the Olympics for the money, so my motivation to win remains the same. Personally, a gold medal is much more valuable.”