Is money a good incentive for athletes?

When I was involved with Cameron van der Burgh and the Springboks – nobody ever spoke about money, only about winning.

Dr Henning Gericke, sport psychologist

Gold is everything! Money won’t be the main motivation.

Dr Henning Gericke, sport psychologist

South Africa announced its Olympic team today.

The Money Show’s Bruce Whitfield interviewed Dr Michael Goldman, Adjunct Professor in Sport Management at Gordon Institute of Business Science (Gibs).

Goldman explored the South African Sports Confederation and Olympic Committee’s (Sascoc) bonus structure.

All medallists at both Olympic and Paralympic Games will receive incentives as follows (athlete/coach):

  • Gold: R400 000/R100 000

  • Silver: R200 000/R50 000

  • Bronze: R 80 000/R20 000

Whitfield also spoke to sport psychologist Dr Henning Gericke about whether or not money is a good incentive for an athlete.

Scroll down for quotes from the audio below.

We’re incentivising more than the United States!

Dr Michael Goldman, Gibs

Gold means everything! But, for many of them, they’ve been trying to survive on a very small stipend.

Dr Michael Goldman, Gibs

Olympic sports are, on the whole, less commercial.

Dr Michael Goldman, Gibs

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