World Athletics introduces prize money for Olympic gold winners – Dainik Savera Times

Monaco: The gold medalist in athletics at the Paris Olympics will receive US$50,000 as World Athletics on Wednesday announced it will become the first international federation to offer prize money at the Olympic Games. Financial rewards will be given to athletes who win gold medals in each of the 48 athletics events at the Paris Olympics.

Each individual Olympic champion will receive US$50,000. Relay teams will receive an equal amount of money, which will be shared among the teams. “A total of US$2.4 million has been awarded from the International Olympic Committee’s revenue share allocation, which World Athletics receives every four years,” the international governing body for the sport of athletics said in a statement.

It will be used to reward athletes who win gold medals in each of the 48 events. Athletics competitions will be organized in Paris with US$50,000. It further added that this initiative from World Athletics ‘includes a firm commitment to expand prize money to a tiered level for Olympic silver and bronze medalists at the LA 2028 Olympic Games.’

‘The format and structure of the Los Angeles 28 Olympic Bonus will be announced soon,’ it added. The payment of prize money will depend on the World Athletics ratification process, which will include athletes undergoing and passing normal anti-doping procedures. ‘We started with the Olympic dividend payment to our member federations,

We are in a position to deliver an additional US$5 million per year in addition to existing grants aimed at athletics development projects, and are now also in a position to fund a gold medal showcase for athletes in Paris during the Los Angeles 28 Olympics. Commit to rewarding all three medal winners in the games. Athletics competitions at the Paris Olympics begin on August 1.