Olympic prize money will divide athletes, says five-time Olympic champion Sir Steve Redgrave, warning that paying prize money to athletics gold medallists at Paris 2024 will create ‘an us and them situation’ between sports. Read more to know about it :

Sir Steve Redgrave, a five-time Olympic gold medalist in rowing (1984-2000) for Team GB.

Redgrave’s Concerns on Olympic Prize Money

World Athletics announced prize money for the 2024 Olympics, a first in Olympic history.
The winners in the 48 disciplines will each receive $50,000 US dollars (£39,400). Prize money will also be awarded to all three track and field medallists at the 2028 Games in Los Angeles.

Redgrave, a five-time rowing gold medalist at consecutive Olympic games between 1984 and 2000, expressed concern, stating, “All those gold medallists in athletics are capable of earning significant money before and certainly after Paris so you’re giving money to people who already have it.” Redgrave added that he would prefer if “that money” was distributed “to other sports.”

Funding and Rewards in the Olympics

Funding and rewards in the Olympics are managed differently than in many other sporting events. Unlike some competitions that offer prize money to winners, the International Olympic Committee (IOC) does not award cash prizes. Instead, funding is distributed through international federations (IF) and national Olympic committees (NOC). While some NOCs do provide financial rewards to their medallists, the British Olympic Association does not follow this practice.

Rowing’s Struggle for Survival

Redgrave expressed concern about rowing’s future that the sport’s international presence relies heavily on funding from Olympic competitions. He said: “If that’s ever taken away our sport will die.”

Rowing has been a part of the Olympics since 1900, with women’s events included since the 1976 Games in Montreal. Although rowing was slated for the inaugural Games in Athens in 1896, inclement weather led to the cancellation of rowing events.

Redgrave argued for rowing’s relevance, stating, “You can argue whether we are relevant in today’s world, but we are a founder sport of the Olympics and I think we are relevant.” He also acknowledged the ongoing debate about supporting media-friendly sports over traditional ones like rowing.