In a landmark decision, World Athletics today (April 10) announced that starting with this summer's Paris Olympics, it will become the first international federation to award prize money at the Olympic Games, providing financial rewards to athletes who reach the pinnacle of their sport. announced that it would give.
The total prize money of US$2.4 million is ring-fenced from the International Olympic Committee revenue share that World Athletics receives every four years. This will be used to award his US$50,000 to athletes who win gold medals at each of the 48 athletics competitions held in Paris.
This commitment by World Athletics also includes a firm commitment to gradually extend prize money to silver and bronze medal winners at the 2028 Los Angeles Olympics.
Announcing details of the decision, World Athletics President Sebastian Coe said: “The introduction of prize money for Olympic gold medalists is a pivotal moment for World Athletics and athletics as a whole, empowering athletes and helping them to become the world's leading champions. “It underscores our commitment to celebrating achievement.” They play a key role in the success of the Olympic Games.
“This is a continuation of the journey we started in 2015, with the aim that all funding World Athletics receives from the International Olympic Committee for the Olympic Games goes directly back into our sport. .
“We started with Olympic dividend payments to our member federations, which will allocate an additional $5 million a year on top of existing grants for athletics growth projects. We did, and now we are in a position to also finance the gold medal performances of Olympic athletes.'' Paris is determined to reward all three medalists of the LA28 Olympic Games.
“It’s impossible to put a market value on the effort and focus it takes to win an Olympic medal or represent your country at the Olympics, but you can start somewhere and make sure you get a portion of the revenue generated. I think it's important to ensure that the achievements of athletes at the Olympic Games go directly back to the people who make the Olympics a global spectacle. ”
Payment of prize money is dependent on World Athletics' ratification process, which involves athletes undergoing and clearing normal anti-doping procedures. Individual Olympic champions will receive US$50,000. Relay teams receive the same amount, which is shared between the teams. The format and structure of the LA28 Olympic bonus will be announced soon.
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