New Delhi, India - In a groundbreaking move, World Athletics announced on Wednesday that gold medal winners in track and field events at the upcoming Paris Olympics will receive $50,000 each. This marks the first time any international federation has awarded prize money at the Olympic Games.

The historic decision will see a total of $2.4 million, allocated to World Athletics by the International Olympic Committee, distributed among the victors of the 48 track and field events in Paris. This initiative also includes a commitment to extend prize money to silver and bronze medalists at the 2028 Los Angeles Olympics.

"The introduction of prize money... is a significant moment for World Athletics," World Athletics President Sebastien Coe declared in an official statement. He emphasized the importance of athletes, stating, "This underscores our commitment to creating and recognizing the vital role they play in the success of any Olympic Games."

This move builds upon World Athletics' 2015 commitment to directly invest all Olympic-related funding from the IOC back into the sport. Previously, this included "Olympic Dividend" payments to member federations for development projects. Now, with the "Olympic Dividend" payments to athletes, World Athletics aims to further recognize and reward top performers.

The distribution of prize money will be contingent on standard anti-doping procedures. Individual champions will receive $50,000 each, while relay teams will split the amount equally amongst members. The specific format and structure for the 2028 Olympic bonuses will be announced at a later date.