Major change to Paris 2024 Olympics as prize money for gold medallists revealed in historic announcement

OLYMPIC GOLD medallists in athletics will receive prize money for the first time in a landmark decision.

World Athletics will award $50,000 (£40,000) to individual Olympic champions during this summer’s Paris Games.

Olympic gold medallists will be paid prizes at the Paris Games for the first timeRex

The same amount will be handed out to relay champions and then shared out among the winning team members.

There are no financial rewards for silver or bronze medallists in the French capital but the governing body plan to change that in time for the LA 2028 Olympics.

World Athletics say they will become the first international federation to hand out cash incentives to its Olympic champions.

However, athletes must undergo and clear usual anti-doping procedures before being eligible for the money.

And World Athletics acknowledge the legal difficulty of trying to recoup the cash if someone is found guilty of drugs years after their moment of Olympic glory.

Seb Coe is the president of World Athletics and won the 1500 metres title for Great Britain at the Moscow 1980 and Los Angeles 1984 Olympics.

Coe, 67, said this had been a private wish of his since taking over the sport nine years ago.

He denied that this unprecedented move was a response to Michael Johnson’s plans to create a new track league in 2025.

BEST FREE BET SIGN UP OFFERS FOR UK BOOKMAKER

And he claimed it had nothing to do with the controversial Enhanced Games – where stars will be encouraged to take performance-enhancing drugs – which he has branded as a load of “b*******”.

Coe said: “I want to recognise the individual efforts of our athletes at an Olympic Games.

“As we grow the value of the sport in the next few years, I want the athletes to benefit even more.

“I came from an era where to compete for the UK, it was a second-class rail ticket or a 5p per mile allowance and you went for the one that was the best margin. And a 75p meal voucher.

“My view is that the world has changed. It’s really important that where possible we create a sport that is financially viable for our competitors. This is the beginning of that.

“If I thought athletes were only competing because there was a financial pot at the end of the day, then I might take a very different view – but they are not.

“The world has changed. I recognise that there are many athletes out there that an Olympic gold medal will change their lives.

“This is just a recognition across all our 48 disciplines that we can make that contribution. I think this gives them a little bit more skin in the game.

“This fits very much with a contemporary template that we should do everything we can to recognise the performance and primacy of athletes in the process.

“I don’t believe this is at variance with any deeply-held philosophical commitment to the Olympic movement, which as a sport we clearly have.

“And as a president, who was a double Olympic champion, the largest part of my life has been involved with the Olympic Movement.

“Other federations will make a judgement about their priorities. Jon Ridgeon (the CEO) and I decided we were in a position to do that – to recognise the efforts of athletes.

“We always privately, within the relationship we both have here, committed to doing that whenever possible. I am not here to second guess other federations.”

The International Olympic Committee said: “The IOC redistributes 90% of all its income, in particular to the National Olympic Committees (NOCs) and International Federations (IFs).

“This means that, every day, the equivalent of $4.2million goes to help athletes and sports organisations at all levels around the world. It is up to each IF and NOC to determine how to best serve their athletes and the global development of their sport.”