Ksh6.5M Cash Reward For Athletes Who Win Gold In 2024 Olympics

World Athletic has announced that athletes including those from Kenya who win gold at the upcoming 2024 Olympic Games in Paris, France set for July could claim up to Ksh7 million in cash, representing a major shift in compensation from shining at the world's biggest stage.

In a statement on Wednesday, April 10, World Athletics announced it will become the first international federation to award prize money at an Olympic Games, financially rewarding athletes for achieving the pinnacle of sporting success.

Beforehand, the International Olympic Committee did not give out cash prizes for competitions, but that is now set to change.

The new policy will see a substantial prize pot of US$2.4 million (approximately Ksh312.34 million) earmarked by World Athletics from the International Olympic Committee’s revenue share allocation, which is received every four years.

Collage of Faith Kipyegon named the World Athlete of the Year in Track events. /WORLD ATHLETICS

This will be used to reward athletes who win a gold medal in each of the 48 athletics events in Paris with the beneficiaries taking home US$50,000, approximated to Ksh6.51 million in current exchange rates.

This initiative by World Athletics also includes a firm commitment to extend the prize money at a tiered level, to Olympic silver and bronze medal winners at the LA 2028 Olympic Games.

When sharing details of the decision, World Athletics President Sebastian Coe commented that the introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring its commitment to empowering the athletes and recognising the critical role they play in the success of any Olympic Games.

He added that the initiative is the continuation of a journey started back in 2015, which sees all the money World Athletics receives from the International Olympic Committee for the Olympic Games go directly back into the popular sport.

“We started with the Olympic dividend payments to our Member Federations, which saw us distribute an extra US$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," he stated.

“While it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to even represent your country at an Olympic Games, I think it is important we start somewhere and make sure some of the revenues generated by our athletes at the Olympic Games are directly returned to those who make the Games the global spectacle that it is.”

The payment of prize money will depend upon the World Athletics ratification process, including athletes undergoing and clearing the usual anti-doping procedures.

Each Olympic champion will receive Ksh6.51 million, with relay teams bagging the same amount, to be shared among the team. The format and structure of the LA28 Olympic bonuses will be announced nearer the time.

The prize rewards are likely to motivate Kenyan athletes who powered the country to four gold medals in Tokyo three years ago courtesy of Eliud Kipchoge, Faith Kipyegon, Emmanuel Korir, and Peres Jepchirchir.

Kenya, renowned for its dominance in distance running, has already unveiled its marathon team for the upcoming Olympics, headlined by the illustrious Eliud Kipchoge, a two-time defending champion.

Joining Kipchoge are seasoned athletes including Benson Kipruto, Timothy Kiplagat, Vincent Ngetich, and Alexander Munyao.

The selection process, overseen by Athletics Kenya, was based on stringent criteria including the 2023 World Marathon rankings and performances at the prestigious World Marathon Majors.

Notable inclusions in the women's squad are reigning Boston and New York Marathon champion Hellen Obiri, and two-time Chicago Marathon winner Ruth Chepngetich, bringing a wealth of experience to the team. Athletics Kenya will announce the rest of the Olympics later this month.

President Ruto and Sports CS Ababu Namwamba with athletes Faith Kipyegon and Ferdinand Omanyala at State House, Nairobi on June 13, 2023. /WILLIAM RUTO

It is worth noting that the government on Tuesday, March 12 struck a deal with the Kenya Revenue Authority (KRA) to end what athletes considered double taxation upon winning any sports competitions abroad.

This is with the sole aim of shielding Kenya’s top brand ambassadors and ensuring that excessive taxes do not diminish their hard-earned winnings during international competitions.

There is already a Ksh5 million cash reward in place for athletes who break world records in any international competition.