World Athletics has made a historic announcement, becoming the first international federation to introduce prize money at the Olympic Games. Athletes achieving the pinnacle of success in sports will now receive financial rewards, starting from the upcoming Olympic Games in Paris.
A substantial prize pot of US$2.4 million (equivalent to Ksh312 million based on the current exchange rate of Ksh130.14) has been designated by World Athletics from the revenue share allocation received from the International Olympic Committee every four years.
According to the statement released by World Athletics, gold medalists in each of the 48 athletics events in Paris will be awarded US$50,000 (approximately Ksh6.5 million).
Furthermore, this initiative extends beyond Paris, with a commitment to provide prize money to Olympic silver and bronze medalists at the LA 2028 Olympic Games.
World Athletics President Sebastian Coe expressed the significance of this decision, stating, “The introduction of prize money for Olympic gold medalists marks a pivotal moment for World Athletics and the sport of athletics as a whole. It underscores our dedication to empowering athletes and recognizing their crucial role in the success of the Olympic Games.”
Coe elaborated on the journey initiated in 2015, wherein all revenue received by World Athletics from the International Olympic Committee has been reinvested into the sport. This began with Olympic dividend payments to Member Federations, aimed at fostering growth projects within athletics. Now, World Athletics is poised to directly fund gold medal performances in Paris and commit to rewarding all three medalists at the LA28 Games.
Acknowledging the intrinsic value of Olympic success and the dedication required to represent one’s country at such a prestigious event, Coe emphasized the importance of redistributing some of the revenues generated by athletes back to those who contribute to the global spectacle of the Games.
The distribution of prize money is contingent upon World Athletics’ ratification process, which includes athletes undergoing standard anti-doping procedures.
