The World Athletics Affiliation made a shock announcement that gold medal winners in athletics at Paris 2024 will likely be given a money prize of $50,000.
A month later, the Worldwide Boxing Affiliation (IBA) additionally introduced that it will give Olympic champions $100,000 in prize cash, however 1 / 4 of that may go to the athletes' nationwide federations and one other quarter to their coaches.
Silver and bronze medalists in each sports activities can even obtain prize cash, though much less. In boxing, fourth and fifth place finishers can even be awarded.
The prize cash is just not awarded immediately by the Worldwide Olympic Committee (IOC), however by representatives of the 2 disciplines.
The World Athletics Affiliation will fund the award utilizing a portion of the cash it receives from revenues from the Olympic Video games by means of the Worldwide Olympic Committee.
This cash was beforehand spent on athlete improvement, and a few query whether or not the money prize was the suitable selection.
“The truth that the cash goes to the winners maybe reinforces the concept the most effective athletes make the cash,” says Dr Tom Bason of Coventry College, who specialises in main sporting occasions.
“There’s a excessive chance that observe and discipline gold medalists have already signed important sponsorship and endorsement offers.”
“One of many criticisms is that this cash might be used to develop youthful athletes quite than the most effective.”
Even Olympic champions might have further money, as some discover themselves in monetary straits.
Soviet gymnastics legend Olga Korbut, who received 4 gold and two silver medals throughout her Olympic profession, was compelled to promote three of her medals for $333,500 in 2017.
It’s not clear the place the prize cash in boxing comes from. The IOC not too long ago severed all ties with the IBA, citing a “lack of economic readability” in its operations.
“As at all times within the IBA, it’s not clear the place the cash comes from,” the IOC stated dryly in its public assertion.
“There may be additionally an argument that the IBA remains to be attempting to painting itself as a part of the Olympic Video games,” Dr. Bason provides.
Nationwide Pleasure
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There are numerous ways in which athletes who’ve already received medals on the Olympic video games can obtain monetary rewards.
A lot of them will likely be rewarded by their nations in the event that they get on the rostrum.
Singapore is believed to be the nation that pays probably the most. Singaporean athletes who win gold medals in Paris will obtain $750,000 every.
Whereas host France pays $80,000, Moroccan athletes will obtain $200,000 in prizes.
The USA is providing a reward of $37,000.
Turkey additionally provides 1000 Republic gold cash to gold medalists, 600 Republic gold cash to silver medalists and 300 Republic gold cash to bronze medalists.
Some nations, akin to Nice Britain, don’t supply any prize cash in any respect.
Officers have drawn consideration to the expense athletes are spending in preparation for the Olympic Video games, with budgets of as much as £28,000 a yr being given to athletes with an opportunity of successful a gold medal.
Though these quantities will not be low, they don’t seem to be even near the earnings of the world's most well-known athletes.
“There's a mixture of athletes who earn important quantities of cash, just like the U.S. basketball crew on the Olympic Video games, to athletes who work part-time jobs to make ends meet,” Dr. Bason says.
Star Energy
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In response to a listing printed by Forbes, the highest-paid athlete at Paris 2024 is Spanish golfer Jon Rahm. The journal estimates Rahm earned $218 million final yr, a lot of which got here from the controversial LIV Golf tour funded by Saudi Arabia.
Unsurprisingly, the second highest-paid athlete is likely one of the star basketball gamers within the US, LeBron James. James is believed to earn $128 million.
With their enormous worldwide reputations in golf and basketball, participating within the Olympic Video games doesn’t present a lot monetary reward for both athlete.
However lower-profile athletes can earn a much-needed complement to their earnings by means of medals they win.
Usually their contracts embrace clauses that state they may obtain bonuses from sponsors in the event that they make it to the rostrum.
These contracts are usually secret, however a authorized dispute between Nike and Ne Stability in 2016 revealed that American runner Boris Berian would obtain $150,000 if he received the gold medal.
“There are lots of athletes who’re struggling to make ends meet. A examine finished in Australia a number of years in the past discovered that 40% of athletes presently working in the direction of the 2032 Video games have been in full or part-time jobs,” Dr. Bason says.
Even in the US, residence to among the world's richest athletes, making ends meet is a problem for a lot of athletes.
A examine by the US Olympic and Paralympic Committee discovered that 26.5% of present athletes earn lower than $15,000 per yr.
Future adjustments
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The controversy over whether or not distributing sports activities federations' cash as prizes to high athletes is the most effective use of cash is more likely to prolong past athletics and boxing.
“There will certainly be stress on the federations at hand out prize cash,” Dr Bason says.
However this may be problematic for sports activities which are much less seen within the media and due to this fact have much less cash.
“I consider canoeing, for instance. If there's stress to pay their athletes, I don't assume they'll try this simply,” Dr. Bason says.
The champion athletes of Paris 2024 can console themselves with the thought that they may not less than obtain a gold medal. However what’s the worth of a medal?
This yr's gold medals are fabricated from 505 grams of silver and 6 grams of gold. The gold medals haven’t been fabricated from stable gold since 1912. The worth of the gold medal is $959.
However Olympic champions in Paris will hope that the recollections of their triumph will likely be priceless.
