For the first time in Olympic history, track and field gold medalists will receive prize money at the Paris Olympics this summer. CNBC reported that World Athletics President Sebastian Coe has announced that each gold medalist will be awarded $50,000, a move he defended as consistent with the sport's financial dynamics. 

Coe told CNBC, "Athletes are, in essence, the bearers of the revenues that we get." 

As a former British athlete and four-time Olympic medalist himself, he emphasized that it would be "inconsistent" for the governing body to benefit from lucrative broadcast and sponsorship deals without compensating its star athletes.

He explained that the performances of athletes at Olympic Games and World Championships drive massive broadcast revenue and sponsorship deals.

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Critics Against Paris Olympics Prize Money

The announcement in April was met with enthusiasm from athletes but also sparked some controversy. 

Critics, including five-time British Olympic rowing champion Steve Redgrave, argue that introducing monetary rewards undermines the spirit of the games and creates a divide between sports. 

At the same time, the International Olympic Committee (IOC), which does not pay direct prize money for medals, noted that it is common for National Olympic Committees, governments, and sponsors to provide financial rewards to athletes.

Coe's decision is part of a plan he has pursued since becoming World Athletics president in 2015. Initially, his focus was on supporting national governing bodies and funding projects to benefit athletes. Now, by providing direct payments to gold medalists, Coe aims to ensure greater financial stability and long-term support for athletes and their families.

The Paris Olympics will kick off on July 26 and run until August 11, with the Paralympics commencing later that month.

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