World Athletics introduces $50,000 prize cash for Olympic gold medallists

Sebastian Coe has defended World Athletics’ choice to interrupt with 128 years of Olympic custom by turning into the primary sport to present athletes prize cash if they’re victorious in Paris this summer time.

Coe mentioned the shock transfer, underneath which gold medal-winning athletes in every of the game’s 48 occasions will stroll away with $50,000 (£39,360), was merely a mirrored image that the world has modified and mentioned it was time his sport gave extra to its stars.

Nonetheless the choice clearly blindsided the Worldwide Olympic Committee, which has by no means awarded cash for collaborating or successful a medal, because it believes that to compete at a Video games is reward sufficient.

Requested whether or not the announcement would violate the Olympic spirit, Coe was clear. “I don’t assume it does,” he replied.

“I got here from an period the place to compete for the UK, it was a second-class rail ticket, or a 5p per mile allowance, and also you went for the one which was the most effective margin – and a 75p meal voucher,” he added. “My view is that the world has modified. It’s actually necessary that the place potential we create a sport that’s financially viable for our rivals. That is the start of that.” Whereas some nationwide federations and sponsors have supplied Olympic bonuses for many years, it’s the first time because the founding of the trendy Video games in 1896 {that a} gold medal will routinely include a assured financial prize from a sport’s governing physique.

“If I believed athletes had been solely competing as a result of there was a monetary pot on the finish of the day, then I would take a really totally different view – however they don’t seem to be,” mentioned Coe. “I believe this offers them somewhat bit extra pores and skin within the recreation.”

Coe, who gained 1500m gold in 1980 and 1984 earlier than main London’s 2012 Olympic bid, admitted that he had not spoken to the IOC president, Thomas Bach, earlier than making the choice. Nonetheless he mentioned that his chief government, Jon Ridgeon, had spoken briefly to IOC’s video games division. “I’m not throughout the dialog,” he mentioned. “However I’m hoping that they’d welcome that.”

He mentioned that the $2.4m (£1.9m) in prize cash would come from a part of the cash World Athletics will get from the IOC each 4 years to reward athletes.

Between 2017 and 2021, the IOC made $7.6bn in revenues from the Olympic Video games. However in a terse assertion in response to World Athletics’ choice, the IOC mentioned it pumped almost all the cash it makes again into sports activities.

“The IOC redistributes 90% of all its earnings, particularly to the Nationwide Olympic Committees and Worldwide Federations,” it mentioned. “Which means, daily, the equal of $4.2m goes to assist athletes and sports activities organisations in any respect ranges world wide.

“It’s as much as every IF and NOC to find out find out how to greatest serve their athletes and the worldwide improvement of their sport.”

World Athletics has additionally promised to increase the money prizes to Olympic silver and bronze medal winners on the Los Angeles 2028 Video games. Coe mentioned that the $2.4m value would come from a part of the printed revenues it will get from the IOC each 4 years. The transfer is more likely to be extensively supported by athletes. Final month Britain’s Josh Kerr known as the dearth of economic reward for turning into a double world champion in a worldwide sport reminiscent of athletics “loopy” and there have lengthy been calls for for the IOC to permit athletes to loosen up its guidelines round prize cash and the way a lot athletes can do to advertise their sponsors in the course of the Video games.

The transfer was welcomed by the previous 110m world record-holder Colin Jackson, who gained silver for Britain within the 1988 Olympics. “The highest athletes assist our sport and that is a method of athletics saying thanks for doing it,” he mentioned. “The Olympics will at all times be nice. And the cash is coming from World Athletics. It retains some purity in that sense.

“There are nations paying their athletes for successful gold medals. So why shouldn’t federations if they’ve the capability to? I’m for it, it’s a good suggestion.”

That angle was mirrored by Coe, who known as the transfer a “pivotal second” for the game of athletics.

“Whereas it’s unattainable to place a marketable worth on successful an Olympic medal, or on the dedication and focus it takes to even signify your nation at an Olympic Video games, I believe it is crucial we begin someplace and ensure among the revenues generated by our athletes on the Olympic Video games are instantly returned to those that make the Video games the worldwide spectacle that it’s,” he added. (Overseas Companies)