Track and field is set to make history as the first sport to introduce prize money at the Olympics, with World Athletics announcing that gold medalists in Paris will receive $50,000. This move represents a significant departure from the amateur tradition of the Olympics and is intended to recognize the athletes as the stars of the show. World Athletics has set aside $2.4 million to pay gold medalists across the 48 events on the track and field program for the upcoming Paris Olympics, with relay teams splitting the $50,000 prize among their members. Silver and bronze medalists will begin receiving payments from the 2028 Olympics in Los Angeles.
World Athletics President Sebastian Coe emphasized that the prize money will come from the share of Olympic revenue that the IOC distributes to the organization. This decision could potentially shift the balance of power within the Olympic movement, as the IOC traditionally does not award prize money. Despite this, many medalists receive payments from their countries’ governments, national sports bodies, or sponsors. Coe, a former Olympic gold medalist, acknowledged the changing landscape of the sports world and the added pressures faced by competitors in the modern era. He highlighted the importance of recognizing this evolution and ensuring that athletes are fairly compensated for their efforts.
While the United States Olympic and Paralympic Committee awarded $37,500 to gold medalists at the Tokyo Olympics in 2021, Singapore’s National Olympic Council promises $1 million for an Olympic gold medal, a feat that has only been achieved once by a Singaporean competitor. In other sports like tennis and golf, where prize money is common, the Olympic tournament is often the only time in a season that professional players compete for free. Coe refrained from speculating on whether other sports would follow track and field’s lead in introducing prize money for Olympic athletes, stating that he does not speak on behalf of other sports organizations.
The decision by World Athletics to introduce prize money at the Olympics may have wider implications for the future of the Games, particularly if Coe decides to run for the IOC presidency. Coe, who has not ruled out the possibility of running for the top post when Thomas Bach’s term ends in 2025, could potentially bring about further changes in the Olympic movement. Despite the introduction of prize money for Olympic gold medalists, they will still earn less than what they would at World Athletics’ own world championships, where prize money is paid out down to eighth place. Athletes will need to pass anti-doping procedures at the Olympics before receiving the new prize money, ensuring fair competition and adherence to regulations.
