World Athletics Introduces Prize Money for Olympic Gold Medalists

In a groundbreaking move, World Athletics President Sebastian Coe has announced that track and field gold medalists will receive prize money for the first time at the upcoming Paris Olympics. Each gold medalist will be awarded $50,000, a decision Coe believes could set a precedent for future Olympic Games. Speaking to CNBC, Coe emphasized the importance of compensating athletes who are integral to the sport's financial success through broadcast and sponsorship deals. Coe, a former British athlete and four-time Olympic medalist, argued that it would be "inconsistent" for the governing body to profit from lucrative deals without sharing the wealth with the athletes. He stated, "Athletes are, in essence, the bearers of the revenues that we get," highlighting their crucial role in generating income for World Athletics through their performances at major events. However, the decision has sparked debate within the sports community. Five-time British Olympic rowing champion Steve Redgrave expressed concerns that this could create a divide between sports, suggesting it may lead to an "us and them situation." In contrast, the International Olympic Committee (IOC) has noted that it is common for various organizations to provide financial rewards to athletes based on their performances. Coe's initiative is part of a broader strategy to enhance recognition for athletes, a commitment he has maintained since becoming president in 2015. As he continues his third term, Coe remains focused on his responsibilities, dismissing speculation about a potential future role as IOC president.