World track body creates biennial championships with bigger cash prizes as potential Olympics rival
Associated PressGENEVA — Track and field announced a new global championships on Monday and promised $150,000 prizes — three times its recent cash pledge to champions at the Paris Olympics — for gold medalists. World Athletics said the first Ultimate Championships will be hosted in Budapest from Sept. 11-13, 2026 showcasing Olympic, world and Diamond League champions over three evening sessions. In what could directly challenge the Olympics, the Ultimate Championships are set to be staged every two years, dovetailing with world championships held every two years in odd-numbered years. Addressing some of the criticism he has received over adding prize money to the Olympics, and now a new event that also features prize money, Coe said Monday he didn’t do any of these moves “on a wing and a prayer.” “I’m elected to represent my sport in the Olympic movement, not the Olympic movement in my sport,” Coe told reporters in an online call. “Athletes will also benefit from greater promotional rights,” the track body said of the Budapest event, “allowing them to commercially activate and enhance their personal profiles.” Coe has long been seen as a likely IOC presidential candidate in 2025 to succeed Thomas Bach, whose 12 years in office is set to expire.