Shaunae Miller-Uibo of the Bahamas wins gold within the girls’s 400 meters on the Tokyo Olympics in August 2021.Matthias Hunst/Getty Images Hide caption
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Shaunae Miller-Uibo of the Bahamas gained gold within the girls’s 400 meters on the Tokyo Olympics in August 2021.
Matthias Hungst/Getty Images
World Athletics, the governing physique that oversees monitor and discipline competitions around the globe, will award a $50,000 prize to the gold medal winner on the 2024 Paris Olympics.
In doing so, the group will change into the primary worldwide federation to supply prize cash on to Olympic medalists, marking a landmark second within the Olympic Games’ sluggish however regular transition away from amateurism.
The prize pot for the 2024 World Athletics Championships will whole $2.4 million throughout 48 males’s and ladies’s monitor and discipline occasions, together with monitor and discipline occasions such because the 100-meter run, pole vault, and javelin throw, in addition to highway races such because the marathon and monitor and discipline occasions. . Race strolling. The four-person relay groups will break up the prize cash at $12,500 every.
In Wednesday’s announcement, World Athletics additionally stated it will pay out prize cash in levels to all medal winners on the 2028 Los Angeles Olympics, with particulars anticipated to be introduced nearer to the Games.
“It’s unimaginable to place a market worth on the hassle and focus it takes to win a medal on the Olympics or symbolize your nation on the Olympics, however you can begin someplace and be sure to seize among the income generated. “The achievements of the athletes on the Olympic Games go straight again to the individuals who make the Olympics a world spectacle,” stated World Athletics president and two-time Olympic gold medalist. Sebastian Coe, who acquired the award, stated:
The prize cash comes from funds made by the International Olympic Committee to World Athletics, which brings in billions of {dollars} in income from broadcast offers and different sponsorships. The IOC then redistributes hundreds of thousands of {dollars} annually to worldwide sports activities federations and nationwide Olympic committees.
Coe stated the IOC was unaware of the choice till simply earlier than World Athletics introduced it.
Other sports activities federations haven’t introduced comparable compensation plans for medalists.
Some nations give athletes bonuses for profitable medals.
Many Olympic athletes obtain medal bonuses from their dwelling nations. The United States Olympic and Paralympic Committee will award the athlete $37,500 for the gold medal, $22,500 for the silver medal and $15,000 for the bronze medal. Some nations with far fewer gamers provide even bigger bonuses. Hong Kong provides gold medalists the equal of about $638,000, whereas Singapore provides the equal of about $740,000. However, different nations such because the UK and New Zealand don’t provide any prize cash in any respect.
The $50,000 prize for the gold medalist underscores World Athletics’ “dedication to empowering athletes and recognizing the essential position they play within the success of the Olympic Games,” stated Coe. Told.
For athletes, the prices of coaching and competing to compete within the Olympics may be prohibitive, with annually paying for teaching and touring to occasions whereas forgoing a standard profession earnings to pursue the game. You should pay 1000’s of {dollars}. Like many nations, the United States doesn’t present direct federal assist to Olympic athletes.
Some athletes, particularly those that compete within the most-watched sports activities comparable to gymnastics, can earn cash from sponsorship offers.
Norwegian sprinter Karsten Warholm, who gained gold on the 2020 Tokyo Olympics, welcomed the information.
“I need to pay tribute to them as a result of I feel that is a very good factor,” Warholm informed Reuters. Norway is without doubt one of the nations that doesn’t pay bonuses to medalists. “I’m not collaborating within the Olympics for the cash, so my motivation to win stays the identical. Personally, a gold medal is far more priceless.”