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Winners of track and field events at this year\u2019s\u00a0Olympics in Paris<\/a>\u00a0will receive more than just a gold medal. They\u2019ll also get a $50,000 prize.<\/p>\n World Athletics, the governing body for track and field, said Wednesday it will allocate $2.4 million from the International Olympic Committee\u2019s revenue sharing to winners in 48 events. It\u2019s the first time a sport has offered prize money at the Olympics, the quadrennial spectacle that was once regarded as the pinnacle of amateur athletics.<\/p>\n \u201cThe introduction of prize money for Olympic gold medalists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognizing the critical role they play in the success of any Olympic Games,\u201d federation President Sebastian Coe said in a\u00a0statement<\/a>.<\/p>\n Payments for silver and bronze medalists will begin at the 2028 Olympics in Los Angeles, said Coe, who won gold medals in the 1500-meter race for Great Britain in 1980 and\u00a01984.<\/a>\u00a0Relay teams that win gold medals will split the $50,000 prize among the four members.<\/p>\n When asked by reporters whether the move violated the spirit of the Olympic Games, Coe said, \u201cI don\u2019t think it does,\u201d according to\u00a0the Guardian.<\/a><\/p>\n \u201cMy view is that the world has changed,\u201d he said. \u201cIt\u2019s really important that where possible, we create a sport that is financially viable for our competitors. This is the beginning of that.\u201d<\/p>\n The payment of prize money will depend upon the World Athletics ratification process, including athletes undergoing and clearing the usual anti-doping procedures, the federation said.<\/p>\n<\/div>\n\nSubscribe to the new Fortune CEO Weekly Europe newsletter to get corner office insights on the biggest business stories in Europe. Sign up<\/a> for free.<\/div>\n<\/div>\n