This will be the first time in the 128-year history of the Olympics that track and field winners will not only receive prize money but also have their names etched in sports history.
The move, announced in April, led the International Olympic Committee (IOC) Recorded $2.4 million The company uses a portion of its profits to award $50,000 in prize money to gold medalists in 48 sports.
This is a controversial measure, Critics They say the funds should be directed towards promoting athletics at grassroots level and that prize money could not only undermine the spirit of the championships but also create a disparity with other sporting events.
But World Athletics president Sebastian Coe, who has been instrumental in introducing the change since taking over as chief executive in 2015, believes it is only right to recognise the athletes’ contribution to the iconic event.
“They are [athletes] “The majority of the money, revenue streams and sponsorship that goes into the sports world is their responsibility,” Koh said. Said CNBC “I’ve always felt that it’s really important to recognize that,” he said in an interview.
Sam Burns — Sportsfile/Getty Images
Coe, a four-time Olympian in track and field, explained that one way to do this is to ensure financial security for athletes who often dedicate their entire careers to their sport.
“It seems contradictory to me as the president of World Athletics to talk about the new revenue streams and sponsorships such as Sony that we have acquired over the past few months, but not acknowledge that the reason for this economic boom is the performance of our athletes,” the Western Australian said.
Ko explained that the cash incentives could help ease the financial burden on families supporting athletes in the foundation stages of competing in international events such as the Olympics.
“I think they deserve some exposure to the game. That’s why we did this, simply put.”
WA said it was working on introducing prize money for silver and bronze medallists at the next Olympics in Los Angeles in 2028.
WA didn’t come back right away. luckRequest for comments.
How the Olympics are financed
Olympians do not receive any direct compensation.
The IOC will donate 90% of its total revenue of $7.6 billion between 2017 and 2021 to National Olympic Committees (NOCs) and International Sports Federations (IFs).
“This means that the equivalent of $4.2 million will be available every day to support athletes and sports organisations at all levels around the world. Each IF and NOC will have to decide how best to support the development of athletes and sport globally,” the IOC said. Said CNN In a statement.
The IOC said those organisations have paid athletes in the past. Last month’s reportHowever, there is no clear framework and it may vary from country to country.
While the world’s top athletes make their money through lucrative sponsorship deals, they are the exception.
Aside from financial rewards, this year’s Olympic winner Original Works A piece of iron from the Eiffel Tower was used as part of a medal to commemorate their success.
