The International Olympic Committee announced on Wednesday that it will allocate up to $140 million to athletes through the 2028 Los Angeles Summer Games by establishing a fund for $10,000 grants for which they can apply post-competition.
The IOC’s financial commitment arose after years of resistance to the idea of awarding prize money at the Olympics, signaling another shift in policy under President Kirsty Coventry. “This is a win for everyone,” said Gasol, who represents athletes on the 15-member IOC executive board, clarifying that it is “not prize money.” The funds set aside by the IOC are not contingent on an athlete’s ongoing participation in their sport. This financial promise was a key topic at an IOC meeting aimed at shaping future strategy coinciding with the one-year anniversary of Coventry’s presidency. Gasol mentioned that during the IOC’s strategic review, athletes expressed a clear desire for more direct support throughout their Olympic journey and beyond. 42-year-old Coventry is a five-time Olympian and two-time swimming gold medalist from Zimbabwe. She made history as the youngest president and the most recent former athlete in the IOC’s modern era. Providing prize money to Olympic medalists was a cornerstone policy for one of Coventry’s election challengers, Sebastian Coe, the World Athletics leader, who initiated rewards for track and field champions at the 2024 Paris Olympics amounting to $50,000.
“This is a groundbreaking moment for the movement, and I’m thrilled to be present at this announcement,” Coe told his fellow IOC members, commending Coventry’s policy. In Los Angeles, World Athletics is also expanding its prize fund to include payments for silver and bronze medalists. Coventry reiterated two weeks ago her long-held stance that the IOC should avoid using its Olympic revenues to award prize money to an elite group of medalists. The question posed to Coventry at an IOC news conference followed a strong backlash from some athletes regarding her previous comments made during Olympic business in New Zealand last month, indicating that no prize money would be distributed. “The backlash was somewhat disheartening,” Coventry admitted on Wednesday at a news conference, as the policy plan had not yet been made public. “This is not something that has just emerged in recent weeks.” The IOC already runs a program known as “Olympic Solidarity,” which provides grants worth thousands of dollars to athletes from less-developed nations gearing up to qualify for and compete in the Summer or Winter Games. The Solidarity budget, which also covers team expenses, coaches, and officials, totals $650 million for the four-year Olympic cycle that spans Milan Cortina and Los Angeles. Gasol, a three-time Olympic medalist for Spain, explained that applications for the grants will be facilitated through an IOC online platform designed to assist athletes during and after their sporting careers. Funds approved are to be allocated to national Olympic committees, which manage teams and athletes. These NOCs will need to demonstrate that the funds were transferred directly to the athletes, as suggested by Gasol. A number of Olympic athletes — including those in men’s basketball, soccer, and ice hockey — are already financially secure from their careers, but they will still be eligible, according to Gasol. “They can choose whether they want to apply,” stated the former L.A. Lakers star. “We aim to engage them.” The Year One review of Coventry’s presidency has been dubbed “Fit for the Future,” focused on rethinking Olympic strategy after 12 years of Thomas Bach’s leadership. IOC members also approved new procedures on Wednesday for selecting Olympic hosts, as well as adding or removing sports and events from the Games programs.
IOC member and former NBA player Pau Gasol introduced the initiative, which will first be accessible to nearly 2,900 athletes who participated in the 2026 Milan Cortina Winter Games.
