World Athletics on Monday launched a new season-ending three-day global championship starting in 2026 in Budapest to fill the gap between Olympics and world championships.
The World Athletics Ultimate Championship will take place every two years and aims to attract the biggest names in track and field from September 11 to 13, 2026.
Gold medallists are set to receive $150 000 each from an overall prize fund of $10 million (9.2 million euros), the largest ever prize pot in the history of the sport.
The event will be held every two years – in other words, in the years in between outdoor world championships.
It will feature up to 16 of the world's top-ranked athletes per discipline, with a total of around 400 athletes taking part.
"With only the best of the best on show and cutting straight to semifinals and finals, we will create an immediate pressure to perform for athletes aiming to claim the title of the ultimate champion," World Athletics president Seb Coe said in a statement.
He said the timing of the event would "ensure for the first time that athletics will enjoy a moment of maximum audience reach on an annual basis".
World Athletics have chosen to return to Budapest, which hosted the 2023 World Championships in front of near-capacity crowds for the evening sessions.