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