TDK is set to provide a $100,000 prize for world records in men's events, with World Athletics' Inside Track offering the same reward in the women's ©Getty Images

Athletes who break world records at the World Athletics Championships here are in line to win a $100,000 (£78.5 million/€92 million), after Japanese electronics giant TDK extended its long-running support of the event.

TDK's involvement with the World Athletics Championships dates back to the inaugural edition in Helsinki in 1983, and it is also set to continue as the main bib sponsor for men's events in the Hungarian capital.

It is set to provide the award for world records in the men's events and World Athletics through its Inside Track online hub for women's competitions, with the programme for the mixed 4x400 metres relay receiving joint support.

American Sydney McLaughlin-Levrone in the women's 400m hurdles, who is not competing in the Hungarian capital due to injury, and Swedish pole vaulter Mondo Duplantis broke world records at last year's World Championships in Eugene.

Equalling the world record does not make an athlete eligible for the $100,000 reward.

World Athletics President Sebastian Coe has predicted "a World Championships for the ages in terms of the quality", and believes the track at the new National Athletics Centre can deliver "historic performances".

"Historic performances" have been predicted on the track at the new National Athletics Centre during the Budapest 2023 World Athletics Championships ©Getty Images

The total prize pool has remained the same as it did last year at $8.498 million (£6.673 million/€7.284 million).

Individual gold medallists stand to win $70,000 (£55,000/€64,400), silver medallists $35,000 (£27,500/€32,200) and bronze medallists $22,000 (£17,300/€20,300), with prize money trickling down to $5,000 (£3,900/€4,600) for eighth place.

The top eight in the relays are also set to win prize money, with the winners sharing $80,000 (£62,800/€73,700), second place taking $40,000 (£31,400/€36,800) and third place $20,000 (£15,700/€18,400).

The World Athletics Championships are due to begin on Saturday (August 19) in Budapest and run until August 27, featuring approximately 2,000 athletes from around 200 nations.

There are 49 medal events on the programme.