Medals And Cash What To Know About Olympian Prize Money For Paris Olympics
World Athletics, the international governing body for track and field sports, announced this month it will be providing a $50,000 reward for athletes who take home gold at the summer Olympic games in Paris, a first-of-its-kind move that tacks on another revenue stream for some Olympians who have traditionally received tens of thousands of dollars in cash from their respective countries. A fellow international sports organization, the Association of Summer Olympic International Federations, came out against World Athletics’ decision in a statement Friday, saying it wasn’t informed or consulted about the announcement of the $50,000 reward. The association claimed the award “undermines the values of Olympism” and “disregards the less privileged athletes lower down the final standings.”48. That’s how many athletics events will be eligible for World Athletics’ $50,000 gold medal prize money. Participation in the Olympics used to be explicitly limited to amateur athletes who were shunned by the International Olympic Committee if they took money or endorsements for playing, according to CNN. The change from amateur athletes to professional ones who carried with them the potential to bring in money for the Olympics came in the 1990s, when amateurism was removed from the Olympic charter. The 1992 U. S. Olympic men's basketball team’s dominating, gold medal-winning performance at the Barcelona games is largely regarded as the start of the Olympics’ professional era, the Associated Press reported. The team consisted of basketball greats such as Michael Jordan, Magic Johnson, Larry Bird, Charles Barkley, David Robinson and more. World Athletics president Sebastian Coe told reporters that World Athletics only gave the International Olympic Committee “a heads-up” of its intentions shortly before it published the announcement about the $50,000 reward, according to the Associated Press. The IOC responded by saying it was up to each sport’s governing body to decide how they spend their share of Olympic revenue, the Associated Press reported. The IOC, a non-profit organization, redistributes 90% of all its income from the Olympic games to sporting governing bodies such as World Athletics, according to the IOC’s website. Many Countries Pay Big Bonuses For Olympic Medals. This One Is Shelling Out $2.7 Million (Forbes)Track and field becomes first sport to pay prize money at Olympics. Paris gold medalists get $50,000 (AP)
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