Eluid Kipchoge will lose $200,000 with the Abbott World Marathon Majors drastic reduction of prize money
Two days after Eliud Kipchoge clocked a 2:01:09 world record in Berlin, the Abbott World Marathon Majors announced on Tuesday a drastic reduction in the series’ prize money for runners.
Let's Run posted this: "The change will take effect immediately, applying to the current series, which began at the Tokyo Marathon in March (starting this year, the WMM seasons are based on calendar years rather than the multi-year format of years past). As a result, Kipchoge, who has all but locked up the 2022 WWM Series title, will receive $200,000 less for his efforts.
When the World Marathon Majors — which consists of Tokyo, Boston, London, Berlin, Chicago, and New York — launched in 2006, one of its signature elements was the $500,000 prize awarded each year to the men’s and women’s series champions. In 2017, WMM altered its prize structure, reducing the grand prize to $250,000 (but adding $50,000 for second and $25,000 for third) while increasing prize money for wheelchair athletes and adding a charitable donation component of $280,000.
WMM announced that moving forward series champions will receive $50,000 each — just one-fifth of what was awarded last year and the same amount the wheelchair series champions receive. The prizes for second and third were also halved to $25,000 and $12,500, respectively, while WMM added prize money for fourth ($7,500) and fifth ($5,000). There was no mention of a charitable donation component (though the amateur runners at the World Marathon Major races raise significant money for charity each year)."
"This is not good news," says Bob Anderson, My Best Runs publisher, "but millions of dollars have been awarded over the years and maybe we should not have taken it for granted? But of course there is much more to the story than this...
"I remember when my friend Derek Clayton set the world record clocking 2:08:32 May 30, 1969. He did not win any prize money. That record stood for 12 years. Or another friend Geoff Smith won the 1984 and 1985 Boston Marathon and won no prize money. Running was not a pro sport back in those days and no one was paid above the table until 1986 or so.
"Racing and for sure the Marathon offer sponsors a lot of exposure," Bob continues. "Hopefully new sponsors will come to the table. However, the economy right now is not good and expenses like this can be the first to be cut but lets think positive."
Abbott, a global healthcare company based in Illinois, is the first title sponsor of the World Marathon Majors, the partnership of six mass participation races in Tokyo, London, Boston, Berlin, Chicago and New York City.
Abbott Laboratories is an American multinational medical devices and health care company with headquarters in Abbott Park, Illinois, United States. The company was founded by Chicago physician Wallace Calvin Abbott in 1888 to formulate known drugs; today, it sells medical devices, diagnostics, branded generic medicines and nutritional products.
"In 2021 Abbott (ABT) revenues were 43 billion and their income was 7 billion. However in the last six months their stock price has decreased 18.2%. Off but better than many companies," says Bob Anderson. "I wonder if this has anything to do with this decision to cut prize money?"
posted Thursday September 29th