Monaco, April 10 (IANS): Gold medallist in Athletics at the Paris Olympics will receive USD 50,000 as the World Athletics on Wednesday announced it will become the first international federation to award prize money at an Olympic Games.

The financial reward will be given to the athletes who win a gold medal in each of the 48 athletics events in the Paris Olympics.

Each individual Olympic champion will receive US$50,000. Relay teams will receive the same amount, to be shared among the team.

"A total prize pot of USD 2.4 million has been ring-fenced from the International Olympic Committee’s revenue share allocation, which is received by World Athletics every four years. This will be used to reward athletes who win a gold medal in each of the 48 athletics events in Paris with US$50,000," the international governing body for the sport of athletics said in a statement.

It further said that this initiative by World Athletics includes a firm commitment "to extend the prize money at a tiered level, to Olympic silver and bronze medal winners at the LA 2028 Olympic Games."

"The format and structure of the LA28 Olympic bonuses will be announced nearer the time," it added.

The payment of prize money will depend upon the World Athletics ratification process, including athletes undergoing and clearing the usual anti-doping procedures.

"We started with the Olympic dividend payments to our Member Federations, which saw us distribute an extra US$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," said World Athletics president Sebastian Coe.

The athletics events at the Paris Olympics begin on August 1.