TRACK and field gold medallists at the Olympic Games in Paris this summer will each receive $50,000 (£39,400) in prize money.

World Athletics announced the $2.4m (£1.89m) prize pot this morning in a historic move which makes it the first international sport federation to award prize money at an Olympics.

The global governing body said the initiative also included a “firm commitment” to extend the prize money to silver and bronze medallists at the Los Angeles Games in four years’ time.

Relay medallists will split the $50,000 prize across the team, World Athletics said.

“The introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognising the critical role they play in the success of any Olympic Games,” World Athletics president Sebastian Coe said.

“This is the continuation of a journey we started back in 2015, which sees all the money World Athletics receives from the International Olympic Committee for the Olympic Games go directly back into our sport.”

Coe added: “We started with the Olympic dividend payments to our member federations, which saw us distribute an extra $5m a year on top of existing grants aimed at athletics growth projects, and we are now in a position to also fund gold-medal performances for athletes in Paris, with a commitment to reward all three medallists at the LA28 Olympic Games.

“While it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to even represent your country at an Olympic Games, I think it is important we start somewhere and make sure some of the revenues generated by our athletes at the Olympic Games are directly returned to those who make the Games the global spectacle that it is.”

The awarding of prize money will be subject to ratification, which will include medal-winning athletes undergoing and clearing the usual anti-doping checks.

Coe said he was confident the IOC would “share in the principle” of track-and field gold medal winners earning prize money in Paris, but admitted his organisation had not yet discussed the historic move with the IOC.