World Athletics has announced it will become the first international federation to award prize money at the Olympic Games in Paris, rewarding athletes for achieving the highest level of sporting success.

“The introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole,” World Athletics President Sebastian Coe said.

A total prize pot of $2.4m has been allocated for the Olympics to be held from July to August, with gold medallists receiving $50,000, the international governing body for the sport of athletics said in a statement. This will be extended to silver and bronze medallists at Los Angeles 2028.

Coe added that the decision was part of the steps to divert the money received from the International Olympic Committee for the Olympic Games directly back into the sport.

There will be 48 athletics events in Paris, with relay gold medallists to share their prize money among the team.

“We started with the Olympic dividend payments to our Member Federations, which saw us distribute an extra $5m a year on top of existing grants aimed at athletics growth projects, and we are now in a position to also fund gold medal performances for athletes in Paris, with a commitment to reward all three medallists at the LA28 Olympic Games,” it said.

The statement stated that it was important to make sure some of the revenues generated by athletes at the Olympic Games were directly returned to those who make the sport the global spectacle that it is.