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Win for Athletes as World Athletics Approves Ksh129 Million Prize in Olympics

The money which has been approved from the International Olympic Committee’s revenue share allocation.

by Jason Ndunyu
April 10, 2024
Reading Time: 4 mins read
World Athletics Introduces Ksh129 M Olympics Prize Money

Photo collage of Kenyan SAthletes Ferdinand Omanyala, Faith Kipyegon and Eliud Kipchoge.PHOTO/Courtesy

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Athletes have received a major boost following a landmark decision by World Athletics which will see winning athletes earn prize money in the Olympics including the upcoming Paris 2024 Olympics.

World Athletics in a statement on April 10, 2024, announced that it would become the first international federation to award prize money at the Olympic Games, financially rewarding athletes.

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“World Athletics has today (10 April) announced it will become the first international federation to award prize money at an Olympic Games, financially rewarding athletes for achieving the pinnacle of sporting success, starting at this summer’s Olympic Games in Paris,” read part of the statement.

According to the Athletics’ governing body, a total prize pot of US$2.4 million (Ksh129 Million) has been allocated for the Paris 2024 Olympics.

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World Athletics Introduces Ksh129 M Olympics Prize Money
Athletics Kenya Officials with CS Ababu Namwamba and World Athletics President Sebastian Coe.PHOTO/Courtesy

The money which is received by World Athletics every four years has been approved by the International Olympic Committee’s revenue share allocation.

All athletes who win gold medals in each of the 48 athletics events in the competition will be rewarded with a total sum of US$50,000 (Ksh6.5 million).

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On the other hand, Relay teams will receive the same amount, to be shared among the team.


Also Read: Technical University of Kenya Student Lands Olympics Job


Additionally, World Athletics announced that it plans to extend the prize money at a tiered level, to Olympic silver and bronze medal winners at the 2028 Los Angeles Olympic Games.

World Athletics explains new plan

World Athletics noted that the format and structure of the LA28 Olympic bonuses will be announced soon.

At the same time, the governing body highlighted that the payment of prize money will depend on its ratification process which includes athletes undergoing and clearing the usual anti-doping procedures.

World Athletics President Sebastian Coe who commented when sharing details of the decision noted that it was a pivotal moment for the governing body.

“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,” he said.

According to the president, all the money received by the body from the International Olympic Committee for the Olympic Games goes directly back into Athletics aimed at athletics growth projects.

He revealed that his body distributes Olympic dividend payments to Member Federations which include Athletics Kenya.

“We started with the Olympic dividend payments to our Member Federations, which saw us distribute an extra US$5m a year on top of existing grants aimed at athletics growth projects,” he added.


Also Read: Kenyan Star Nominated for Premier League Award After Top Performance


He further acknowledged that it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to represent a country at an Olympic Games.

Kenya at the Olympics

Kenya is looking forward to maintaining its dominance in the Olympic Games, especially in the Athletics events during the biggest sporting event taking center stage from July 26 to August 11 in France.

With Paris as the main host city and 16 others across France, the Paris 2024 Olympics promise an unparalleled spectacle of summer and winter sports competitions.

Athletics Kenya (AK) has already released its list of athletes set to represent the country which includes marathon runners including Kenya’s double Olympic gold medalist Eliud Kipchoge, Vincent Kipkemoi Ngetich, Benson Kipruto, Timothy Kiplagat, and Alexander Mutiso.

The Women’s Marathon team, on the other hand, comprises Peris Jepchirchir, the defending champion who will lead the women’s squad, Brigid Kosgei who finished second in Tokyo, Japan, in the 2020 games and New York City and Boston Marathons champion Hellen Obiri.

Also, Kenya’s national volleyball team Malkia Strikers and men’s rugby team Shujaa 7s have already booked their places in the sporting event.

World Athletics Introduces Ksh129 M Olympics Prize Money
Kenyan Athlete Faith Kipyegon.PHOTO/Courtesy

Tags: Athletics KenyaOlympic GamesParis 2024 OlympicsWorld Athletics

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Jason Ndunyu

Jason Ndunyu

Jason Ndunyu is a Digital Media Journalist at The Kenya Times with a passion for research and fact-checking. He delivers engaging content across diverse topics, with a special interest in the dynamic world of Sports. You can reach him at jason.ndunyu@thekenyatimes.com

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Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
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Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
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Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
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Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
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Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
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