The IOC does not officially call it an Olympic prize, but it amounts to a significant cash payment given directly to athletes after each Games. At a meeting on June 24, the IOC announced it would spend up to $140 million on athletes in the run-up to the Los Angeles 2028 Olympics, via a new fund that issues $10,000 grants.
Former NBA star and IOC member Pau Gasol announced the project. The fund will initially cover nearly 2,900 athletes who participated in the Milan Cortina 2026 Winter Olympics. About 11,000 athletes expected to compete at Los Angeles 2028 can also apply for grants totaling roughly $110 million after that Games, provided they meet criteria such as not returning a positive doping test. The payment does not depend on whether the athlete continues their career.
Gasol stressed this is not a prize. During a strategic review, the IOC found a consistent message from athletes that they wanted more direct support throughout their Olympic journey and beyond.
This is a major initiative under IOC President Kirsty Coventry, exactly one year after she formally took office. Coventry – a two-time Olympic gold medalist in swimming for Zimbabwe – said the fund’s announcement had long been planned but faced backlash from some athletes last month because details had not been disclosed.
Historically, paying prize money to Olympic athletes was a central policy of a rival candidate for IOC president, World Athletics President Sebastian Coe, who awarded $50,000 to athletics gold medalists at Paris 2024. At Los Angeles 2028, World Athletics will extend the prize fund to silver and bronze medalists.
The IOC already has an Olympic Solidarity scholarship program worth $650 million over the four-year Olympic cycle, supporting athletes from less wealthy nations and covering team, coach, and official costs. The new fund is an addition, not a medal prize, and fits the “Fit for the Future” strategy that reshapes Olympic policy after 12 years of Thomas Bach’s leadership.
