$7.2m for World Championships finalists

The IAAF has said those who secure the top eight places in each event at the World Championships will share a total of $7,194,000 in prize money for their feats during the nine-day event, the biggest world athletic event after the Olympic Games.

All events in the 207-nation championships will be worked off at the Bird’s Nest National Stadium, which hosted the 2008 summer Olympic Games.

The world governing body for track and field has thrown a lucrative deal for those who make it to the finals of each event. All leading athletes, who make it to their respective finals in 47 events to be worked off, will be handsomely rewarded.

Gold medallists will get $60,000 each, while those who win silver and bronze medals will be offered $30,000 and $20,000 respectively.

The finalists in each event, who fail to make it to the victory podium, would be richly rewarded with the fourth-placed athlete in each final getting $15,000 each. The finalists who secure fifth, sixth, seventh and eighth places will get $10,000, $6,000, $5,000 and $4,000 respectively.The gold medal-winning teams in men’s and women’s 4 x 100m and 4 x 400m relays will get $80,000 each – that is $20,000 to each member of a victorious relay quartet.

Similarly, the teams which will win silver and bronze medals in relays will get $40,000 and $20,000 each. The teams which will secure fourth to eighth places will be presented $16,000, $12,000, $8,000, $6,000 and $4,000 each respectively.

In addition to those big prize money, those who shatter world records will get instant prize money as the IAAF will offer £100,000 each for all athletes who establish new world records in Beijing 2015