May 20, 2024

World Athletics announce Olympics Prize Money

World Athletics announce Olympics Prize Money
File photo

A substantial prize fund of US$2.4 million (equivalent to Ksh 312 million) has been allocated from the International Olympic Committee's revenue share, which is received by World Athletics every 4 yrs

In a historic move, World Athletics has declared its intention to be the first international federation to offer prize money at the Olympic Games. The announcement, made on April 10, signifies a significant step forward in recognizing and rewarding athletes' achievements at the pinnacle of sporting competition, starting with the upcoming Olympic Games in Paris.

A substantial prize fund of US$2.4 million (equivalent to Ksh 312 million) has been allocated from the International Olympic Committee's revenue share, which is received by World Athletics every four years. This fund will be distributed to athletes who secure gold medals across the 48 athletics events in Paris, with each gold medalist receiving US$50,000 (approximately Ksh 6.5 million).

World Athletics President Sebastian Coe emphasized that the introduction of prize money for Olympic gold medalists marks a significant milestone for both World Athletics and the sport of athletics. This initiative underscores the federation's dedication to empowering athletes and acknowledging their indispensable role in the success of the Olympic Games.

Coe highlighted World Athletics' ongoing commitment to reinvesting IOC revenues back into the sport, which began in 2015 with the distribution of Olympic dividend payments to Member Federations. He further stated that the federation is now prepared to finance gold medal performances in Paris, with a pledge to extend rewards to silver and bronze medalists at the LA 2028 Olympic Games.

 


While acknowledging the intrinsic value of winning an Olympic medal and the dedication required to represent one's country at the Games, Coe stressed the importance of initiating a system to directly reimburse athletes for their contributions to the global spectacle of the Olympics.

The disbursement of prize money is contingent upon World Athletics' ratification process, which includes athletes undergoing standard anti-doping procedures. Individual Olympic champions will each receive US$50,000, while relay teams will share an equal amount.

Details regarding the format and structure of bonuses for the LA28 Olympics will be disclosed closer to the event.