Track and field is set to become the first sport to offer prize money at the Olympics, with World Athletics announcing that gold medalists in Paris will receive $50,000. The decision to introduce prize money is a significant departure from the amateur origins of the Olympics and reflects the importance of athletes in generating revenue for the games. The $2.4 million set aside by World Athletics will be distributed to gold medalists across the 48 events in the track and field program, with relay teams splitting the prize money between their members. Silver and bronze medalists will begin receiving payments from the 2028 Olympics in Los Angeles.
World Athletics President Sebastian Coe explained that the introduction of prize money is a recognition of the revenue generated by athletes who are the stars of the show. The funding for the prize money will come from the share of Olympic revenue that the IOC distributes to World Athletics. Despite the potential shift in power dynamics within the Olympic movement, Coe explained that World Athletics only informed the IOC of its intentions shortly before the announcement. While the modern Olympics were originally based on amateurism and do not award prize money, many medalists receive payments from their countries’ governments, national sports bodies, or sponsors.
Coe, a former Olympic gold medalist himself, acknowledged the significant changes in Olympic competition since his time as an athlete. He recounted the days of competing on minimal funding and emphasized the importance of adapting to the changing landscape of professional sports. While some countries and organizations already award prize money to Olympic medalists, the move by World Athletics marks a significant step towards recognizing the efforts and achievements of athletes participating in the games.
The decision to offer prize money at the Olympics could potentially pave the way for other sports to follow suit, though Coe refrained from speculating on the possibility. Despite not ruling out a run for the IOC presidency in the future, Coe highlighted the differences in prize money between the Olympics and World Athletics’ world championships. The anti-doping procedures at the Olympics will still need to be passed before athletes can receive the prize money, ensuring a level playing field for all competitors.
The move by World Athletics to introduce prize money at the Olympics signals a shift towards acknowledging the professional nature of sports and the significant contributions of athletes to the success of the games. Coe’s experience as an Olympic gold medalist and his understanding of the evolving landscape of sports competition have influenced this decision, which could have implications for the future of prize money in other Olympic events. As the Tokyo 2021 Olympics marked a milestone in the awarding of prize money to gold medalists, the upcoming Paris Olympics will further signify the changing norms within the Olympic movement.
