World Athletics President Defends Prize Money for Paris Olympic Gold Medalists, Calls It "Inconsistent" to Not Compensate Athletes
World Athletics President Sebastian Coe has defended his decision to award prize money to track and field gold medalists at the Paris Olympics, arguing that it is only fair to compensate athletes who drive the sport’s lucrative revenues. The move, which will see each of the 48 athletics gold medalists receive $50,000, has been lauded by athletes but has sparked controversy among other sports who claim it undermines the spirit of the Games.
Key Takeaways:
- World Athletics to Pay Gold Medalists $50,000: For the first time in Olympic history, World Athletics will pay $50,000 to each gold medalist in the 48 athletics events in Paris.
- Coe Argues for Athlete Compensation: The President insists that it is "inconsistent" for World Athletics to benefit from lucrative broadcast and sponsorship deals without recognizing the athletes who drive those revenues.
- Controversy Among Other Sports: The decision has been met with criticism from leaders of other sports who argue that monetary rewards prioritize performance over the Games’ core principles.
- IOC Doesn’t Pay Prize Money Directly: The International Olympic Committee (IOC) doesn’t directly award prize money for Olympic medals, but it is common practice for National Olympic Committees and other institutions to provide financial rewards to athletes.
- Coe Sees Prize Money as Part of Athlete Support Strategy: The move is part of a wider strategy to enhance athlete recognition and financial viability within World Athletics.
Coe: "Athletes are the Bearers of the Revenues"
Coe, a former British Olympian and four-time medalist, told CNBC that athletes are "the bearers of the revenues" that World Athletics generates through broadcast and sponsorship deals. He argued that their performances at the Olympics and World Championships are the primary draw for international audiences and sponsors.
"They are largely responsible for the sums, the revenue streams, the sponsorship that comes into the sport," Coe said. "I’ve always felt that it was really important to recognize that."
Coe emphasized that the decision to offer prize money is part of a broader commitment to athlete support within World Athletics. He noted that the organization has been allocating funds to national governing bodies for years to support athletes and fund projects. However, he believes the direct payments to gold medalists will provide athletes with greater "financial viability" and a more stable future.
"It’s just inconsistent for me, as president of World Athletics to talk about new fresh income streams and sponsors… and not also recognize that the reason for that financial vibrancy is the performance of the athletes," Coe said. "I think they deserve some skin in the game. That’s in simple terms why we’ve done it."
Criticism from Other Sports
The move to offer prize money has been met with mixed reactions. While athletes have expressed gratitude and support, some leaders from other sports have criticized the decision.
Five-time British Olympic rowing champion Steve Redgrave, for example, told the BBC that it would create "an us and them situation" between sports. He argued that prioritizing monetary rewards over the spirit of competition could create a divide between athletes in different disciplines.
The International Olympic Committee (IOC), which doesn’t directly pay prize money for Olympic medals, has emphasized that it is "common practice" for National Olympic Committees, as well as governments, sponsors, and other private institutions, to provide financial rewards to athletes for their performances.
Coe Addresses Rumors of IOC Presidency
Coe has also addressed rumors that he might be in line to succeed Thomas Bach as IOC President. He said that while he is "honored" by the speculation, he is "focused on every minute" of his remaining three-year term as World Athletics President.
As the Paris Olympics approach, the debate over the value of monetary rewards for athletes continues. Coe’s decision to offer prize money for gold medalists in track and field will undoubtedly spark further discourse on the evolving relationship between sports, athletes, and financial incentives.
