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It was the second time for Gay to take the award after he won it in 2007.
Gay improved the American 100 meters record three times in a three-month span.
Richards, who claimed the Owens honour in 2006 in women's category, captured the 400 meters world title in Berlin and ran the anchor leg on the U.S. gold medal winning 4x400 relay team.
The award is named after Jesse Owens, who became one of athletics most iconic figures by winning four gold medals at the 1936 Olympic Games in Berlin while conducting himself at all times with grace and dignity.