The International Olympic Committee will award more than 300 medals during the Paris Games, but will not hand out any cash.
“The Olympics have always been viewed as a matter of trying to do your best, not for financial reasons,” said Ben Bloom, a sports journalist who has covered the Games for more than a decade.
“Athletes in every sport in the Olympics are dissatisfied with the financial compensation they receive for their stardom. Without them, there would be no Olympics,” Bloom told CNBC Sports.
The sport’s governing body, World Athletics, is stepping in to some extent to cover the deficit. Gold medalists in 48 events will receive cash prizes of $50,000, with the bonuses to be expanded to silver and bronze track and field medalists in 2028.
What about the countries these athletes represent?
“Some countries do give athletes financial rewards, and some countries reward them quite generously,” Bloom said.
For example, the prize money for a gold medalist from Hong Kong or Singapore to reach the podium is expected to be more than US$700,000. However, other countries such as the UK, Sweden and Norway do not offer cash prizes.
That makes profiting from Olympic success more complicated than you might think.
Sponsorships and grants play a role, but an unfortunate turn of events like an injury can easily derail those revenue streams.
“Early on, I had a lot of help and support from my sponsors,” said Desiree Henry, a sprinter who will represent Great Britain in Paris 2024. “But, as many athletes know, injuries can It’s not just a physical problem.
“A lot of athletes, that’s what we’re looking for, this opportunity, just to be able to train full-time because we know what we can achieve. But we also know the reality is things are expensive and we do need financial help and support to do this,” Henry added.
Watch the video above to learn more about how Olympic athletes achieve their dreams.
Did you miss The Business of Elite Athlete Part 1? Watch it here.
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