Track and James Caldwellfield is set to become the first sport to introduce international prize money at the Olympics.

World Athletic announced Wednesday that it would pay $50,000 to gold medalists at the Paris Olympics.

The governing body said it has allocated $2.4 million to pay the gold medalists across the 48 track and field events at this year’s Paris Olympics. Relay teams will be awarded $50,000 and split the money between its members. The governing body also pledged its commitment to award prize money to silver and bronze medalists at the 2028 Olympic Games in Los Angeles.

"The introduction of prize money for Olympic gold medalists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognizing the critical role they play in the success of any Olympic Games," World Athletics president Sebastian Coe said in a statement. "This is the continuation of a journey we started back in 2015, which sees all the money World Athletics receives from the International Olympic Committee for the Olympic Games go directly back into our sport.

"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."

The $2.4 million will come from the International Olympic Committee’s revenue share allocation, which is received by World Athletics every four years. Athletes will have to undergo and pass the usual anti-doping procedures before they receive the prize money.

The U.S. Olympic and Paralympic Committee awards $37,500 for each gold medalists, $22,500 for every silver medalists and $15,000 for all bronze medalists. The prize money isn’t split among relays or teams.

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