Current:Home > MarketsTradeEdge-$50K Olympic track prize the latest in a long, conflicted relationship between athletes and money -Excel Wealth Summit
TradeEdge-$50K Olympic track prize the latest in a long, conflicted relationship between athletes and money
Ethermac Exchange View
Date:2025-04-07 20:37:42
Since the day they were founded,TradeEdge the Olympics have had a confusing relationship with money. The games were supposed to celebrate sport for sport’s sake. But the price athletes paid to be any good was far too high, and it took virtually no time for the concept of amateurism that the Olympics rested on to be viewed as unrealistic, if not an all-out ruse.
This week’s news that track’s international federation will pay $50,000 to gold-medal winners at the Paris Games was the latest step in a century’s worth of unraveling the myth of amateurism at the Olympics.
A look at some key points along the way:
THE FOUNDER FLIP-FLOPS
As early as 1894, two years before the first modern Olympics, Pierre de Coubertin was sounding different notes about the concept of amateurism. In one speech, according to the authoritative book on the topic, “The Rise and Fall of Olympic Amateurism,” he “warned against the ‘spirit of gain and professionalism’ that threatened its existence.’” But not long after that, “he denounced amateurism as ‘an admirable mummy.’”
THE GREATEST OLYMPIAN
In what’s considered one of the most shameful episodes in the history of the games, the IOC stripped Jim Thorpe of the two gold medals he won at the 1912 Stockholm Olympics because he had played semi-pro baseball before that. The IOC restored the medals in 1983, 30 years after his death.
THE WORKAROUND
As the Cold War began, the Soviet Union, East Germany and other Eastern bloc satellites started handing well-paying “jobs” in the military and other civil services to Olympic athletes. They earned big salaries for doing virtually no work related to that title. Their main job was training, and though they weren’t officially paid to play their sports, nobody tried to disguise this ruse. Some believe this led to a low point in the 1970s for the American Olympic movement, which was largely still adhering to strict amateur rules.
CHANGE BEGINS
The IOC began tinkering with its Rule 26, the rule that inscribed the amateur imprimatur to the Olympics, in the mid-1970s. An IOC member involved in the changes, Willi Daume, put it best when he pointed to the billion-dollar business the Olympics had become: “It is only the athletes that have to make sacrifices and show proof of asceticism,” he said. The IOC began letting individual sports federations write their own rules about amateurism. The track federation was among the first to make a move toward allowing athletes to get paid, though at first, it demanded they put their earnings in a trust.
LOOKING FOR THE BEST SHOW
When Juan Antonio Samaranch became IOC president in 1980, he made it clear he wanted the best athletes at the Olympics. The IOC worked hard with soccer, ice hockey and tennis (a demonstration sport in 1984 and in the official program in 1988), which for various reasons had fought the amateurism rules. By the start of the 1990s, amateurism was written out of the Olympic charter. The 1992 Olympics, which brought NBA stars and the Dream Team to the Barcelona Games, is widely viewed as the start of the professional era at the Olympics.
THEN TO NOW
Most countries now establish prize pools — such as Team USA’s “Project Gold” — for their top athletes at the Olympics, while also funding training and living expenses. The U.S. is one of the few outliers, in that its government does not provide funding for the Olympic team. More than a generation into the professional era, tension remains not over whether the athletes can receive money but how much of the pie they really share in. The track announcement is only one small piece of this puzzle, but a symbolically important one. Olympic watchers will be looking closely to see if any sports follow track’s lead.
___
AP Summer Olympics: https://apnews.com/hub/2024-paris-olympic-games
veryGood! (2)
Related
- US appeals court rejects Nasdaq’s diversity rules for company boards
- Biden presses student debt relief as payments resume after the coronavirus pandemic pause
- Iowa starting quarterback Cade McNamara out for rest of 2023 season with ACL injury
- 'Scariest season ever': Controversy over 'Chucky' unfolds as Season 3 premieres
- Hackers hit Rhode Island benefits system in major cyberattack. Personal data could be released soon
- Love Island UK's Jess Harding and Sammy Root Break Up 2 Months After Winning Competition
- TikTok Shop Indonesia stops to comply with the country’s ban of e-commerce on social media platforms
- Unless US women fall apart in world gymnastics finals (not likely), expect another title
- The FBI should have done more to collect intelligence before the Capitol riot, watchdog finds
- Unless US women fall apart in world gymnastics finals (not likely), expect another title
Ranking
- Are Instagram, Facebook and WhatsApp down? Meta says most issues resolved after outages
- Judge in Trump's New York civil trial issues gag order after Trump posts about clerk
- Homeless 25-year-old Topeka man arrested in rape and killing of 5-year-old girl
- Scientists determine the cause behind high rates of amphibian declines
- 'Malcolm in the Middle’ to return with new episodes featuring Frankie Muniz
- Homeless 25-year-old Topeka man arrested in rape and killing of 5-year-old girl
- San Francisco woman seriously injured after hit-and-run accident pushes her under a driverless car
- Tired of spam? Soon, Gmail users can unsubscribe with one click
Recommendation
Nevada attorney general revives 2020 fake electors case
Cases affected by California county’s illegal use of jail informants jumps to 57, new analysis finds
Pentagon comptroller warns Congress that funds for Ukraine are running low
SFA fires soccer coach, who faced previous allegations of emotional abuse, after dismal start
NHL in ASL returns, delivering American Sign Language analysis for Deaf community at Winter Classic
Rachel Zegler Fiercely Defends Taylor Swift From Cruel Commentary Amid Travis Kelce Romance
What to know about Elijah McClain’s death and the criminal trial of two officers
'Mean Girls' day: Paramount releases entire movie on TikTok for fans