Olympic Track and Field Athletes to Receive Prize Money for First Time
For the first time in the 128-year history of the Olympics, track and field winners will receive prize money in addition to having their names etched in the sport’s history. This move marks a significant change, as Olympic athletes previously did not receive direct payment.
The International Olympic Committee (IOC) has set aside $2.4 million in its revenue share to award $50,000 to each of the 48 gold medalists at the Olympic Games. World Athletics (WA) president Sebastian Coe has worked tirelessly to introduce this change since taking on the top role in 2015. Coe believes this move recognizes the athletes’ immense contribution to the tournament’s success.
Why Athletes Deserve This Recognition
Athletes devote their entire careers to track and field, and it’s unfair to expect them to go unrewarded. Coe emphasized that this prize money helps ease the financial burden on families that support athletes in their early years. The prize money serves as a token of appreciation for the athletes’ hard work and dedication to the sport.
How the Olympics Fund Their Activities
Olympic athletes don’t receive direct payments. Instead, the IOC distributes 90% of its income to National Olympic Committees (NOCs) and international sports federations (IFs). These organizations then allocate funds to support their athletes and global sports development. The IOC reports that approximately $4.2 million is allocated to support athletes and sports organizations worldwide every day.
A History of Monetary Rewards
While this is a significant change, the IOC stated that financial rewards have been common practice for many years. NOCs and IFs have offered monetary incentives to athletes in the past, but the framework for these rewards differs by country. The world’s top athletes earn millions through lucrative sponsorships, but this change aims to recognize the dedication of athletes who don’t have similar opportunities.
The Future of Prize Money in Track and Field
WA has announced plans to introduce prize money for silver and bronze medalists starting from the 2028 Olympics in Los Angeles. This expansion aims to recognize the achievement of all Olympic medalists, not just the gold winners.
Conclusion
In an effort to acknowledge the immense contribution of athletes to the Olympics, the IOC and WA have introduced prize money for Olympic track and field gold medalists. This significant change highlights the importance of recognizing and rewarding the hard work and dedication of athletes, not just the top performers. With this prize money, athletes can enjoy the financial security they deserve, and the world of track and field can continue to grow and thrive.
Frequently Asked Questions (FAQs)
Q: When will the first prize money be awarded?
A: The first prize money for track and field athletes will be awarded at the next Olympic Games, scheduled for 2024.
Q: How much money will each gold medalist receive?
A: Each of the 48 gold medalists will receive $50,000 in prize money.
Q: Will prize money also be awarded to silver and bronze medalists?
A: WA has announced plans to introduce prize money for silver and bronze medalists starting from the 2028 Olympics.
Q: How does the IOC’s revenue sharing work?
A: The IOC distributes 90% of its income to NOCs and IFs, which then allocate funds to support their athletes and global sports development.
Q: Will this prize money replace the original Olympic medals?
A: No, the prize money is a supplement to the original Olympic medals, not a replacement. Winners will still receive their medals, including the new Eiffel Tower-inspired design introduced this year.
Author: fortune.com
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