Olympic track and field gold medalists are about to receive prize money for the first time ever

World Athletics President Sebastian Coe defended his decision to pay prize money to track and field gold medalists for the first time at the Paris Olympics this summer, suggesting that the initiative could be extended to future games.

The former British athlete and four-time Olympic medalist told CNBC last week that it would be "inconsistent" for the sports governing body to benefit from lucrative broadcast and sponsorship deals without compensating its star players.

"Athletes are, in essence, the bearers of the revenues that we get," he told CNBC's Tania Bryer.

"Their performances at an Olympic Games, in our own World Championships, provide world athletics with broadcast revenue from the International Olympic Committee and at a world championship level," he continued.

"They are largely responsible for the sums, the revenue streams, the sponsorship that comes into the sport. I've always felt that it was really important to recognize that."

Coe surprised the sporting world in April when he announced that gold medalists in each of the 48 athletics events in Paris will for the first time receive $50,000 at this year's Olympic Games.

The move was welcomed byathletes but sparked backlash from the bosses of other sports, who claimed that putting a monetary value on performance took away from the spirit of the games.

Five-time British Olympic rowing champion Steve Redgrave told the BBC in May that it would create "an us and them situation" between sports.

The International Olympic Committee (IOC) doesn't pay direct prize money for medals. Last month the IOC said it is "common practice" for National Olympic Committees, as well as governments, sponsors and other private institutions, to provide financial rewards to athletes for their