Published June 24, 2026
Although this is not officially Olympic prize money, it is a large sum of cash paid directly to athletes after the summer or winter competitions.
The International Olympic Committee (IOC) on Wednesday created a $10,000 grant fund that athletes can apply for after competition, pledging to pay athletes up to $140 million through the 2028 Los Angeles Summer Games.
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The IOC’s cash offer comes after calls for Olympic prize money to be paid have been strongly resisted in recent years and signaled a new policy shift under president Kirsty Coventry.
IOC member and former NBA star Pau Gasol announced the project, which will initially allow approximately 2,900 athletes who competed in the 2026 Milan-Cortina Winter Games to participate.
The roughly 11,000 athletes scheduled to compete in the 2028 Los Angeles Games will also be able to apply for grants totaling about $110 million after the Olympics, provided they meet honest criteria, such as not testing positive for doping.
“This is a victory for all of us,” said Gasol, who represents athletes on the 15-member IOC executive board, adding that this is “not a prize.”
The funds allocated by the IOC are not dependent on whether the athlete continues his career.
Coventry’s Olympic strategy
The cash pledge comes just a year after Mr Coventry officially took office, making it a key topic at an IOC meeting to set future strategy under Coventry’s government.
Gasol said the IOC heard a consistent message during its strategic review: “Athletes want more direct support throughout their Olympic journey and beyond.”
Coventry, 42, is a five-time Olympic representative for Zimbabwe and a two-time gold medalist in swimming. She is the youngest president and the most recent former athlete to be elected in the modern history of the IOC.
olympic prize money
Paying prize money to Olympic medalists is a central policy for World Athletics leader Sebastian Coe, one of Coventry’s election opponents, who oversaw the awarding of $50,000 to track and field champions at the 2024 Paris Olympics.
“This is a historic moment for the movement and I am absolutely delighted to be here to make this announcement,” Coe told fellow IOC members, praising Coventry’s approach.
In Los Angeles, World Athletics is increasing its prize fund to pay silver and bronze medalists as well.
Two weeks ago, Mr. Coventry reiterated his long-held belief that the IOC should not use Olympic revenue to pay prize money to elite medalists.
Mr Coventry was asked this question at an IOC press conference following a furious reaction from some athletes to his comments last month that they would not be paid prize money for Olympic work in New Zealand.
Mr Coventry acknowledged at a press conference on Wednesday that “the backlash was a little frustrating” because the policy plans remained confidential. “That’s not something that’s happened in recent weeks.”
The IOC already funds a program called Olympic Solidarity, which provides grants worth thousands of dollars to athletes from rich and poor countries as they qualify and prepare to compete in the Summer and Winter Games.
The solidarity budget, which also funds team expenses, coaches and officials, is worth $650 million over the four-year Olympic cycle, including Milan-Cortina and Los Angeles.
how the system should work
Gasol, a three-time Olympic medalist with Spain, said applications for the grant would be made through the IOC’s online platform, which supports athletes during and after their careers.
Approved funds must go to the national Olympic committees that oversee teams and athletes. Gasol suggested those committees would need to prove that the money was sent directly to the players.
Gasol told reporters that dozens of Olympic athletes in men’s basketball, soccer and ice hockey, for example, are already wealthy in their careers but are still eligible.
“They will decide if they apply or not,” the former Los Angeles Lakers standout said. “We want to engage with them.”
fit for the future
Coventry’s first-year review has been branded a “future-oriented” overhaul of the Olympic strategy after 12 years at the helm of Thomas Bach.
IOC members also approved on Wednesday a new process for selecting Olympic venues and the addition or deletion of sports and events from the competition programme.
