 "In a first, Paris Olympics 2024 gold medalists to get $50,000 prize money")
Did you know about the Paris Games prize money? In a first for an Olympic sport, gold-medallists in 48 athletics events of this year's Paris Games will be awarded $50,000 by World Athletics, which will widen the spectrum by giving prize money to all three medal winners at the 2028 Los Angeles edition.
How will the prize money be given?
— Total prize pot of $2.4 million set aside from International Olympic Committee’s revenue for World Athletics.
— Prize money to reward athletes winning gold in each of the 48 athletics events in Paris with $50,000.
—Relay teams will be awarded $50,000 to share among team members.
Historic decision by World Athletics
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With the landmark decision announced on Wednesday, World Athletics (WA) will become the first international federation to award prize money at an Olympic Games.
"World Athletics ... will become the first international federation to award prize money at an Olympic Games, financially rewarding athletes for achieving the pinnacle of sporting success, starting at this summer's Olympic Games in Paris," WA said in a statement.
World Athletics President Sebastian Coe said the introduction of prize money for Olympic gold medallists was a "pivotal moment" for the international body and the sport of athletics as a whole.
"A total prize pot of $2.4 million has been ring fenced from the International Olympic Committee's revenue share allocation, which is received by World Athletics every four years. This will be used to reward athletes who win a gold medal in each of the 48 athletics events in Paris with $50,000 ((Rs 41.60 lakh)," WA stated.
“We started with the Olympic dividend payments to our Member Federations, which saw us distribute an extra $5 million a year on top of existing grants aimed at athletics growth projects, and we are now in a position to also fund gold medal performances for athletes in Paris, with a commitment to reward all three medallists at the LA28 Olympic Games," Sebastian Coe said
The payment of prize money will, however, depend upon the World Athletics ratification process, including athletes undergoing and clearing the usual anti-doping procedures.
India's gold medal hope
India is hoping for a gold medal in Paris from reigning Olympic champion Neeraj Chopra, who finished on top in the Tokyo Games. He became the first Indian track and field athlete and second overall in individual sports to win a gold in the Olympic Games.