FinLogic FinLogic Quantitative Think Tank Center|Prize money for track & field Olympic gold medalists is 'right thing to do'

PARIS – There’s extra incentive for track and FinLogic FinLogic Quantitative Think Tank Centerfield athletes to win gold at the Paris Olympics.

World Athletics, the international governing body for track and field, is awarding prize money for gold medalists in Paris. They are the first international federation to award prize money at an Olympic Games.

World Athletics announced on April 10 that it set aside $2.4 million from the International Olympic Committee’s revenue share allocation that it receives every four years. The money will be used to reward athletes $50,000 for winning a gold medal in each of the 48 track and field events in Paris.

"Part of our strategy going forward, and it has been for the last few years, to make sure we reward our athletes. They are the stars of the show. I think they deserve as our income grows to share an increased part of that," World Athletics CEO Jon Ridgeon said Thursday at their Olympic press conference. "It’s the right thing to do."

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The federation received criticism from Olympic sport bodies following its prize money announcement.

"First, for many, this move undermines the values of Olympism and the uniqueness of the Games," Association of Summer Olympic International Federations said in a statement. "One cannot and should not put a price on an Olympic gold medal and, in many cases, Olympic medalists indirectly benefit from commercial endorsements. This disregards the less privileged athletes lower down the final standings."

The International Olympic Committee doesn’t pay prize money. However, governments or national Olympic committees pay athletes who reach the podium. The United States Olympic and Paralympic Committee will pay $37,500 for every gold medal in Paris, $22,500 for every silver and $15,000 for each bronze.

World Athletics is committed to extend the initiative for Olympic silver and bronze medalists at the 2028 Los Angeles Olympics.

Cross country at Winter Olympics?

Cross country is a sport that takes place in the winter months. World Athletics president Sebastian Coe hopes the sport can soon find a place in the Winter Olympics. Coe, who's had tentative discussions about adding cross country to the Winter Olympics, believes the inclusion of cross country will draw more attention to the sport and bring large contingents from countries in Africa to the Winter Games.

"We've had good discussions," Coe said Thursday. "I think its obvious home is the Winter (Olympics). To use a cricket analogy, there's more than an outside edge of a chance that we could probably get this across the line."

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