First sport to pay medal winner prize money in Olympics: Track & Field
Sport
5 min read
World Athletics has announced that it will award prize money to the athletes who win a gold medal at the Paris Olympics 2024. Track and field has become the first sport in the modern olympics to offer prize money at the Olympics.
The modern Olympics is an amateur sports event. Initially, only amateur athletes were allowed to participate in the olympics. Later on, professional sportsmen, especially those from tennis, basketball and golf, were allowed to compete in the Olympics. But no winner is given any cash prize by the International Olympic Committee, which organises these olympics. However, many countries, national sports bodies, etc, offer cash prizes as an incentive for their athletes to win medals in the Olympics.
Prize Money of $50,000 for gold medalist
The world athletic governing body, World Athletics, said it has created a $2.4 million fund for this purpose. Every gold-winning track and field athlete in the 48 men’s, women’s, and mixed events of the Paris Olympics will receive $50,000 prize money each. The relay team will split the prize money.
The World Athletics plans to start prize money for the silver and bronze medal winners from the 2028 Olympics in Los Angeles.
World Athletics will provide the prize money from the share of the revenue that the International Olympic Committee shares with World Athletics.
The International Olympic Committee distributes around 90% of its revenue to National Olympic Committees and International sports federations.
British Olympian and World Athletics President Sebastian Coe said the introduction of prize money for Olympic medallists was long overdue. He said track and field competitors are the primary revenue generator for the Summer Olympics.
Cash prize for Medal winners in India (till Tokyo Olympics 2020)
In India, the Union Ministry of Youth Affairs has announced cash prizes for Indian athletes who have won gold, silver, or bronze medals in the summer or winter Olympics. Several state governments have also announced cash prizes for their athletes if they win Olympic medals.
All prize money is in Indian Rupees
|
Government |
Gold Medal winner prize money |
Silver Medal winner prize money |
Bronze Medal winner prize money |
|
Central Government |
75 lakh |
50 Lakh |
30 Lakh |
|
Haryana |
6 crore |
4 crore |
2.5 crore |
|
Uttar Pradesh |
6 crore |
4 crore |
2 crore |
|
Chhattisgarh |
6 crore |
4 crore |
2,5 crore |
|
Odisha |
6 crore |
4 crore |
2.5 crore |
|
Chandigarh |
6 crore |
4 crore |
2.5 crore |
The Summer Paris Olympics will be held in the French capital, Paris, from 26 July to 11 August 2024.
The first summer olympics was held in Athens, Greece, in 1896. It is held every four years.
No Olympics were held in 1916, 1940 and 1944 due to world wars.
World Athletics
World Athletics is the world governing body of track and field athletics. It was initially set up as the International Amateur Athletic Federation on 17 July 1912 in Stockholm, Sweden, following the closing ceremony of the Olympic Games in the Swedish capital.
In 2001, its name was changed to ‘International Association of Athletics Federations’, and finally, in 2019, to World Athletics.
Headquarters: Monaco
President: Sebastian Coe
