The International Olympic Committee has announced a significant financial initiative to support athletes following the Summer or Winter Games. Instead of traditional prize money, the IOC will provide over $100 million USD to athletes through 2028 via a fund offering $10,000 grants that athletes can apply for post-competition.
The decision to allocate funds directly to athletes comes after persistent demands for prize money at the Olympic Games. The initiative, spearheaded by IOC member and former NBA star Pau Gasol, will initially benefit nearly 2,900 athletes who participated in the 2026 Milano-Cortina Winter Games. Additionally, approximately 11,000 athletes slated to compete in the 2028 Los Angeles Summer Games will also be eligible to apply for grants totaling around $110 million post-Olympics, provided they meet specified criteria, including maintaining a clean record in anti-doping tests.
Gasol emphasized that this financial support is not in the form of prize money and is intended to assist athletes throughout their Olympic journey. The decision was a focal point of an IOC meeting led by President Kirsty Coventry, marking her one-year anniversary in office.
The move represents a pivotal moment in Olympic history, diverging from the stance of some officials, like World Athletics leader Sebastian Coe, who advocate for awarding prize money to Olympic medalists. Coventry reiterated her belief that Olympic revenues should be directed towards supporting a broader base of athletes rather than solely rewarding top medalists.
In addition to the athlete grant program, the IOC already operates “Olympic Solidarity,” a funding initiative that supports athletes from less affluent nations in their Olympic pursuits. The Solidarity program, with a budget of $650 million for the upcoming Olympic cycles, covers various costs such as team expenses, coaching, and officials.
Gasol, an accomplished three-time Olympic medalist for Spain, noted that the grant application process will be facilitated through an IOC online platform to assist athletes during and after their competitive careers. The approved funds will be channeled through national Olympic committees to ensure direct disbursement to athletes. However, it remains uncertain how wealthier athletes, particularly in sports like basketball and soccer, will navigate their eligibility for these grants and whether they may choose to redirect funds towards sport development projects.