Olympic athletes to get cash grants from new $100m fund created by IOC

SaveSharefacebookxwhatsapp-strokecopylinkIOC president Kirsty Coventry and chair of the athletes' commission Pau Gasol, right, attend a news conference during an IOC session, in Lausanne, on June 24, 2026 [AFP]By APPublished On 24 Jun 202624 Jun 2026It’s not Olympic prize money officially, but it is a significant amount of cash going directly to athletes after a summer or winter games.The International Olympic Committee (IOC) pledged on Wednesday to pay up to $140m to athletes through the 2028 Los Angeles Summer Games by creating a fund for $10,000 grants, which they can apply for after competing.Recommended Stories list of 4 itemslist 1 of 4Tennis stars Sinner, Sabalenka and Gauff criticise Roland Garros prize moneylist 2 of 4French Open rejects prize money change despite tennis stars’ boycott threatlist 3 of 4French Open has ‘positive’ meeting with players over tennis disputelist 4 of 4Fifteen former NCAA players charged in US-China basketball rigging caseend of listThe IOC’s cash commitment came after growing calls were strongly resisted in recent years to pay prize money at the Olympics, and signalled another policy shift under its president, Kirsty Coventry.IOC member and former NBA star Pau Gasol announced the project, which will first be open to nearly 2,900 athletes who competed at the 2026 Milan Cortina Winter Games.About 11,000 athletes due to compete in 2028 in Los Angeles can also apply for grants totalling about $110m after those Olympics, if they meet integrity criteria such as not testing positive for doping.“This is a win for all of us,” said Gasol, who represents athletes on the 15-member IOC executive board, adding that it was “not prize money”.The money allocated by the IOC is not dependent on an athlete continuing their career.Coventry’s Olympic strategyThe cash promise was the signature issue of an IOC meeting setting a future strategy under Coventry exactly one year after she formally took office.Gasol said the IOC had heard a consistent message during its strategy review: “Athletes want more direct support throughout their Olympic journey and beyond.”The 42-year-old Coventry is a five-time Olympian and two-time swimming gold medallist for Zimbabwe. She was elected as the youngest president and the most recent former athlete in the IOC’s modern history.International Olympic Committee president (IOC) Kirsty Coventry delivers her speech at the opening of an IOC session, in Lausanne, on June 24, 2026 [AFP]Olympic prize moneyPaying prize money to Olympic medallists was a central policy for one of Coventry’s election opponents, World Athletics leader Sebastian Coe, who oversaw rewarding track and field champions at the 2024 Paris Olympics with $50,000.“This is a historic moment for the movement, and I’m absolutely delighted to be in the room when this has been announced,” Coe told his fellow IOC members, praising Coventry’s policy.In Los Angeles, World Athletics is adding to its prize fund to pay silver and bronze medallists as well.Coventry restated two weeks ago her long-held belief that the IOC should not use its Olympic revenues to pay prize money to an elite tier of medallists.That question to Coventry at an IOC news conference followed a fierce reaction by some athletes to her comments while on Olympic business in New Zealand last month that prize money would not be paid.“The backlash was a little frustrating,” Coventry acknowledged at a news conference on Wednesday, because the policy plan had still been confidential. “It is not something that just happened over the last few weeks.”The IOC already funds a programme called “Olympic Solidarity” that directs grants worth thousands of dollars to athletes from less-wealthy countries preparing to qualify for and compete at a summer or winter games.The Solidarity budget, which also funds team costs, coaches and officials, is worth $650m for the four-year Olympic cycle that includes Milan Cortina and Los Angeles.How the system should workGasol, a three-time Olympic medallist for Spain, said applying for the grants will be at an IOC online platform that helps athletes during and after their careers.Approved money should be sent to national Olympic committees that oversee teams and competitors. Those committees will have to show that the money transfers were made directly to athletes, Gasol suggested.Several dozens of Olympic athletes – in men’s basketball, football and ice hockey, for example – are already wealthy from their careers, but they will still be eligible, Gasol told reporters.“They will decide if they want to apply,” the former LA Lakers standout said. “We want to engage them.”Fit for the FutureThe year one review of Coventry’s presidency has been branded “Fit for the Future” to reshape Olympic strategy after 12 years of Thomas Bach’s leadership.IOC members also signed off on Wednesday on new processes for choosing Olympic hosts, as well as adding or removing sports and events from games programmes.