World Athletics will pay prize money to gold medal winners at the Paris Olympics, becoming the first sports federation to do so.
Starting in Paris this summer, track and field athletes who win gold in each of the 48 events will also walk away with $50,000. World Athletics has also promised to extend the cash prizes to Olympic silver and bronze medal winners at the LA 2028 Games.
According to a Financial Times report, the federation said it had set aside $2.4 million for gold medal winners this year and would extend prize money to silver and bronze medallists in Los Angeles in 2028.
World Athletics president Lord Sebastian Coe highlighted the need to share revenues with athletes.
He said the initiative was “a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognising the critical role they play in the success of any Olympic Games.
In a statement explaining his decision, World Athletics president Coe said it was right that his federation passed on $2.4 million of the money it gets from the IOC every four years to reward athletes.
Coe said he had not spoken to the IOC president Thomas Bach about the decision.
When asked about the significance of winning a gold medal and the potential conflict with the Olympic spirit by introducing prize money, Coe responded: