For the first time in its 130-year history, the Olympics will pay its athletes.
What happened: The International Olympic Committee (IOC) established a US$140 million fund to pay athletes. Every competitor at the Summer and Winter Games can now apply to get $10,000, regardless of performance, as long as they follow ethics and anti-doping rules.
The IOC isn’t giving out the grants directly, with national Olympic committees handling the distribution; athletes will get the cash six months after they compete.
Zoom out: The matter of Olympic athlete compensation has been debated for years, but the tide started to turn in 2024 when World Athletics — the global body in charge of track and field — started paying Olympic gold medallists $50,000 across the 48 track and field events.
World Athletics also put pressure on the IOC by launching its own global athletics competition, the Ultimate Championship, which debuts this September. The contest will pay medallists from a $10 million pot, with gold medallists earning $150,000.
Why it matters: Financial constraints are almost certainly the biggest hurdle facing Olympic competitors, who often have to pay much of their own way to get to the Games and fight for limited cash available through national sports bodies, sponsorships, and other funding arms.
The fund could be the first step in establishing future payment systems; perhaps a revenue-sharing model where athletes get a cut of lucrative broadcast deals?
Our take: Handwringing over the death of Olympic amateurism feels pretty played out considering pro athletes have dominated the most high-profile events for years — soon even NFLers will be competing! Ten grand might not mean much to Connor McDavid, but for a random Bosnian fencer or Burundian marathoner, it could make a world of difference.—QH
