Paris 2024 Olympics: Unprecedented financial rewards for gold medalists in athletics – is it enough?

In a break from the past, the International Athletics Federation has announced monetary rewards for gold medalists at the upcoming 2024 Paris Olympics.

Unprecedented move in Olympic history #

This move marks a significant change in the history of the Olympic Games, which have traditionally not offered cash prizes to winners.

The Federation has confirmed that all 48 gold medalists in the Paris Games will receive a financial reward. World Athletics is set to present each winner with a sum of $50,000 – approximately €46,000.

Division of rewards for relay races #

The Federation’s statement also clarified the distribution of the prize money for relay events. The $50,000 will be equally divided among all team members participating in the relay race, ensuring a fair share for each athlete.

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World Athletics, in a tweet, introduced prize money for Olympic gold medalists at Paris 2024, and for all medalists from LA28.

Future plans for silver and bronze medalists #

The Federation also plans to extend the prize money to silver and bronze medalists, although this will only start with the subsequent Olympic Games scheduled to take place in Los Angeles in 2028. Sebastian Coe, the Federation’s president, referred to this as a « pivotal moment. »

Coe explained that all the money World Athletics receives from the International Olympic Committee for the Olympic Games is being reinvested into the athletes, making sure a portion of the revenue generated by the athletes at the Olympics is directly returned to those who make the Games the global spectacle they are.

  • Athletes’ reactions to the announcement
  • The cost of the operation for the International Athletics Federation

Reactions and implications of the announcement #

The world record holder in pole vaulting, Armand Duplantis, responded to the announcement saying, « It’s better than nothing. It’s a step in the right direction, considering that there were no prizes at all at the last Olympic Games. As long as it continues in this direction, I think it’s a good thing. »

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This initiative by the International Athletics Federation will cost nearly €2.4 million. Although some might argue that the monetary value can never equate to the prestige of standing on an Olympic podium or the dedication required to represent one’s country at the Olympics, it’s seen as a step towards acknowledging the athletes’ contributions to the spectacle of the Games.

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