The International Olympic Committee (IOC) has announced it will provide a support grant of $10,000 (approximately 15.31 million won) to all athletes participating in the Olympics. This marks the first time the IOC has introduced cash support for all Olympic participants, regardless of their medal standings.
According to reports from AFP, The Guardian, and the Financial Times on June 24, the IOC approved the 'Future Olympians Support Fund' during a meeting in Lausanne, Switzerland. As a result, any athlete competing in the Olympics can apply for the $10,000 grant, regardless of nationality, performance, or income level.
The support will apply to athletes participating in the 2026 Milan-Cortina Winter Olympics. The IOC estimates that approximately 14,000 athletes will be eligible every four years, including both Summer and Winter Olympics, with a total funding of $140 million (about 214.3 billion won) allocated for each cycle.
However, the IOC clarified that this support is not considered official prize money. IOC Athletes' Commission Chair Pâul Gasol stated, "This is not prize money; it is recognition of the journey and dedication it takes to become an Olympic athlete." The funds will be distributed to athletes who meet criteria such as compliance with anti-doping regulations and the Olympic Charter.
This decision comes amid increasing demands for expanded athlete compensation. While the IOC abolished amateur status requirements long ago, it has been reluctant to introduce official Olympic prize money.
In contrast, the World Athletics Federation has ignited the Olympic prize money debate by announcing it will award $50,000 (approximately 7.65 million won) to gold medalists starting with the 2024 Paris Olympics.
The new support system will apply equally to high-earning professional athletes. NBA, NHL, and tennis players who compete in the Olympics and meet the criteria will also be eligible for the grant. However, athletes participating in the Paralympics and Youth Olympics will be excluded from this funding.
The IOC emphasized that this support will not reduce existing funding allocated to National Olympic Committees or international sports federations. IOC President Kirsty Coventry described this decision as one of the first steps in the new strategic initiative 'Fit for the Future.'
Additionally, the IOC approved amendments to the Olympic Charter aimed at strengthening the political neutrality of sports. This could be linked to discussions about the potential return of Russian athletes to international competition. The IOC stated, "The specific implementation methods will be discussed later."
* This article has been translated by AI.
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