In a groundbreaking move, World Athletics has become the first international sports federation to introduce prize money for Olympic medal winners, beginning with the upcoming Paris 2024 Games this summer.
The historic decision by athletics’ global governing body will see gold medalists in each of the 48 athletics events at Paris 2024 awarded $50,000 from a $2.4 million prize pool funded by the International Olympic Committee’s revenue share allocation to World Athletics.
This unprecedented initiative underscores World Athletics’ commitment to empowering and financially rewarding Olympic athletes who achieve sporting excellence on the world’s biggest stage. It continues a journey started in 2015 when World Athletics began directly reinvesting all IOC Olympic revenue back into the sport.
“The introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport as a whole,” said World Athletics President Sebastian Coe. “This is the continuation of a journey we started back in 2015…we are now in a position to also fund gold medal performances for athletes in Paris.”
While Coe acknowledged that “it is impossible to put a marketable value on winning an Olympic medal,” he stressed the importance of financially recognizing the immense commitment and dedication required to become an Olympic champion.
In addition to the $50,000 prize for individual gold medalists in Paris, relay teams will receive the same $50,000 amount to be split among the athletes. All prize money is contingent on athletes undergoing standard anti-doping protocols.
Looking ahead, World Athletics has also committed to extending tiered prize money payouts to silver and bronze medalists at the 2028 Los Angeles Olympics, with further details on that structure to be announced closer to the event.
The landmark move solidifies athletics’ position at the vanguard of Olympic sports governance and athlete advocacy. It incentivizes excellence while providing a financial windfall for those who attain the pinnacle of sporting achievement.
As Coe stated: “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.”
Already, the BVI’s Kyron McMaster has qualified and is seeking to further secure his place on the global stage in the discipline of hurdling. Other track and field athletes representing the BVI have also focused their efforts on the upcoming Paris Olympics, and it is anticipated that more will qualify ahead of the commencement of the grand event.