In a statement released on Monday, World Athletics (WA) announced its groundbreaking decision to offer prize money to Olympic gold medalists, marking a historic move as the first international sports governing body to do so. The initiative will take effect at the Paris 2024 Games.

WA has allocated $2.4 million from its share of the International Olympic Committee's revenue, which is distributed every four years, to provide rewards for athletes.

Gold medalists in each of the 48 track and field events in Paris will be awarded $50,000 each, with relay teams splitting the same amount among their members.

Sebastian Coe, the president of WA, expressed in a statement. “The introduction of prize money for Olympic gold medalists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognizing the critical role they play in the success of any Olympic Games,”

“While it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to even represent your country at an Olympic Games, I think it is important we start somewhere and make sure some of the revenues generated by our athletes at the Olympic Games are directly returned to those who make the Games the global spectacle that it is,” Coe added.

Historically, Olympic medalists have not been awarded prize money due to the event's origins as an amateur competition.

WA has expressed its commitment to expanding the bonus program to include Olympic silver and bronze medalists at the Los Angeles 2028 Olympic Games. Details regarding the reward structure and implementation for those Games will be finalized at a later date.

Coe later told reporters that he disagreed that this financial incentive would promote cheating, instead stressing the importance of highlighting the abilities of the world’s best athletes.

“It reflects World Athletics’ view that the athletes – our athletes make up 20% in numbers at an Olympic Games – should be recognized,” he said.

The Paris Olympic Games kick off on July 26 and continue through August 11.