For the first time in history, Olympic medalists will receive a huge payout at the 2024 games in Paris.
World Athletics announced that a total prize pot of $2.4 million has been ring fenced from the International Olympic Committee’s revenue share allocation. Each gold medalist in each of the 48 athletics events in Paris will receive USD $50,000, while relay teams will split the money with their teammates.
At this time, the prize money will just go to gold medalists, but silver and bronze medalists are slated to receive prize money at the 2028 Olympics in Los Angeles.
While the IOC doesn’t distribute prize money, many medalists receive payments from their sponsors or national federations. However, the move to pay medalists showcases the shift in athletics as a whole.
World Athletics’ president Sebastian Coe said “the revenue share that we receive is in large part because our athletes are the stars of the show” and the payout is “underscoring our commitment to empowering the athletes and recognizing the critical role they play in the success of any Olympic Games.”
“While it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to even represent your country at an Olympic Games, I think it is important we start somewhere and make sure some of the revenues generated by our athletes at the Olympic Games are directly returned to those who make the Games the global spectacle that it is,” Coe said.
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This year’s Olympic Games have sparked controversy amid exorbitant ticket prices. Tickets that promise guests to be front and center of the action are still available — scarcely — for a whopping 2,700 euros ($2,930) each. The most highly-anticipated events, like gymnastics and diving, are going to be the hardest to obtain without breaking the bank, with crowd-favorites like the 10-meter men’s platform diving and women’s artistic gymnastics finals up-for-grabs for €875 and €1,799, respectively.
Those who were unable to snag tickets so far may still have a chance, as more spots will become available on April 17 when the Olympics’ official resale platform goes live here.
