Usain Bolt will earn a staggering £10,000-a-second when he runs the 200m at the Paris Diamond League meeting this summer.
The triple Olympic champion will earn £200,000 as he warms up for the World Championships in August by competing in the French capital on July 6.
Organisers of the London Grand Prix on July 27 still hope to attract the Jamaican after the removal of a tax law.
Streets ahead: Usain Bolt will command £200,000 to run in Paris
Bolt has committed to two other races this year, a 150m event on Brazil’s Copacabana beach on March 31 and the 200m race at Oslo’s Bislett Games on June 13.
Bolt, 26, will also compete in a 150m race on Brazil’s Copacabana beach on March 31. His only other confirmed event is over 200m at Oslo’s Bislett Games on June 13.
Despite his extravagant fee, Paris director Laurent Boquillet insists it will be money well spent.
‘With Bolt, we know that we will easily fill the Stade de France,’ he said.
Excluding last summer’s Games, the fastest man in the world has not raced in this country since 2009 because tax rules mean he would have to pay on his global income, including multi-million dollar sponsorship deals, as well as on his earnings for the Grand Prix.
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Osborne’s decision comes following a series of meetings with former London 2012 chairman and Olympics legacy ambassador Lord Coe, who had lobbied for the exemption.
Osborne said: ‘The Government is determined to do everything possible to secure the Olympic legacy and I am delighted to grant this exemption.’
The world’s leading athletes have made a habit of withdrawing from the London Grand Prix in recent years but after it was moved to the Olympic Stadium from its usual home of Crystal Palace to mark the one-year anniversary of the start of the Olympics, the need for Bolt and Co to compete was made apparent to Osborne.
Bolt’s agent, Ricky Simms, welcomed Osborne’s decision: ‘It’s good news for the Diamond League meeting and British sport in general.
‘The rules were discouraging a lot of the top stars from competing in the UK when they had options elsewhere.’
He added: ‘I think it’s about two weeks before the World Championships, which is quite late, but it’s London and it’s the Olympic Stadium again so it obviously has an attraction.’