World Athletics say this is part of a plan to award money to all Olympic medallists in Los Angeles 2028

World Athletics has become the first international sports governing body to award prize money at the Olympic Games with all the winners in Paris this summer getting $50,000 each.

World Athletics describe it as a landmark, historic and pivotal moment. Certainly, $50,000 is not to be sniffed at, with the news likely to be well received by elite athletes.

A total prize pot of $2.4 million has been ring fenced from the International Olympic Committees revenue share allocation, which is received by World Athletics every four years.

The $50,000 prize will go to winners of the 48 track and field events, with athletes in relay teams sharing the money.

World Athletics adds that it is part of a commitment to extend the prize money at a tiered level to Olympic silver and bronze medal winners at the LA Olympics in four years time.

World Athletics President Sebastian Coe said: 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 our commitment to empowering the athletes and recognising the critical role they play in the success of any Olympic Games.

This is the continuation of a journey we 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 our sport.

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.

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