Track and field becomes 1st Olympic sport to add prize money

Track and field winners at the 2024 Summer Olympics in Paris will walk away with more than just a medal.

World Athletics announced Wednesday that it will financially reward gold medalists in track and field at the Paris Games, making it the first sport in Olympic history to introduce prize money.

A total of $2.4 million has been set aside for the prize pot, which World Athletics received from the International Olympic Committee's revenue share allocation. Gold medalists will each be awarded $50,000, with relay teams splitting up that same amount among themselves.

"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 recognizing the critical role they play in the success of any Olympic Games," World Athletics president Sebastian Coe said in a statement.

While World Athletics will only pay gold medalists at the 2024 Olympics, it plans to offer prize money to silver and bronze medal winners at the 2028 Games in Los Angeles.

This year's Olympics are scheduled to take place from July 26 to Aug. 11.