Olympic champions to earn $50,000, end of 128-year tradition
LONDON - Athletics has become the first sport to offer prize money to Olympic champions, announcing on Wednesday that the 48 gold medallists in Paris this year will earn $50,000 each to end a 128-year tradition.
Although the concept of purely amateur competition has long since disappeared from the modern Olympics with athletes often receiving payments from sponsors and professionals taking part for years, the World Athletics (WA) decision is a major shift.
WA President Sebastian Coe said there had been no discussion with the International Olympic Committee, only that his organisation had given the IOC a heads-up shortly before announcing the $2.4 million prize pot.
“While it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to even represent your country at an Olympic Games, it is important we make sure some of the revenues generated by our athletes are directly returned to those who make the Games the global spectacle that it is,” Coe told reporters.
WA President Sebastian Coe said there had been no discussion with the International Olympic Committee, only that his organisation had given the IOC a heads-up shortly before announcing the $2.4 million prize pot.
“While it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to even represent your country at an Olympic Games, it is important we make sure some of the revenues generated by our athletes are directly returned to those who make the Games the global spectacle that it is,” Coe told reporters.