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Updated on 24 Jun 2026
It’s not officially Olympic prize money, but it’s a lot of money that goes directly to the athletes after the summer or winter games.
The International Olympic Committee (IOC) promised on Wednesday to pay up to $140m to athletes through the Los Angeles Summer Games of 2028 by creating a fund of $10,000, which they can apply for when they compete.
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The IOC funding came later mobile growth In recent years they have been strongly discouraged from awarding the Olympic Games, and have shown some policy changes under their president, Kirsty Coventry.
IOC member and former NBA player Pau Gasol announced the project, which will be opened for the first time to the approximately 2,900 athletes who competed at the 2026 Winter Cortina Games.
About 11,000 athletes due to compete in 2028 in Los Angeles could reapply for $110m after those Olympics, if they meet integrity requirements such as not testing positive for doping.
“This is a victory for all of us,” said Gasol, who represents athletes in the 15-member IOC, adding that “it’s not prize money”.
The money provided by the IOC does not depend on the athlete to continue his career.
Coventry’s Olympic route
The funding pledge was the subject of the signing of an IOC meeting to set the future course under Coventry exactly one year after he took office.
Mr Gasol said the IOC heard a consistent message in its review of its strategy: “Athletes need direct support throughout their Olympic journey and beyond.”
Coventry, 42, is a five-time Olympian and two-time gold medalist in swimming for Zimbabwe. He was he was elected as the youngest president and the youngest athlete in modern IOC history.
The value of the Olympic prize
Funding for Olympic medalists was a priority for one of the opponents of Coventry’s decision, World Athletics director Sebastian Coe, who oversees it. beneficial exercisers for the 2024 Paris Olympics is $50,000.
“This is an unforgettable moment for this organization, and I am delighted to be in this room when it is announced,” Coe told fellow IOC members, praising Coventry’s decision.
In Los Angeles, World Athletics is adding to its prize fund to pay silver and bronze medalists.
Coventry reiterated two weeks ago his long-held belief that the IOC should not use Olympic revenue to reward a elite group of winners.
This question to Coventry at the IOC press conference followed the response of other athletes during the Olympic business in New Zealand last month that the awards are not paid.
“Going back was a little disappointing,” Coventry admitted at a press conference on Wednesday, as the process was confidential. “It’s not something that just happened in the last few weeks.”
The IOC already funds a program called “Olympic Solidarity” that directs tens of thousands of dollars to athletes from poor countries who are preparing to qualify and compete in the summer or winter games.
Solidarity’s budget, which also supports the costs of teams, coaches and officials, is worth $650m over the four Olympic years that include Milan Cortina and Los Angeles.
How the system should work
Gasol, a three-time Olympic medalist for Spain, said that the application for the grant will be made through the IOC’s website, which supports athletes during and after their careers.
Accepted funds must be sent to the national Olympic committees that manage the teams and competitors. The commissions must show that the money was given directly to the athletes, Gasol said.
Many of the Olympic athletes – in men’s basketball, football and ice hockey, for example – are already rich from their careers, but they will still be fit, Gasol told reporters.
“They will decide if they want to sign up,” said the former LA Lakers head coach. “We want to meet them.”
Future Prospects
A year of review of Coventry’s leadership has been called “Fit for the Future” to rebuild the Olympic track after 12 years of Thomas Bach’s leadership.
IOC members also signed off on Wednesday on new procedures for selecting Olympic participants, as well as adding or removing sports and events from the sports program.
