Track and field is adding another historical financial pursuit to its list of wins this year. In addition to World Athletics offering prize money to Olympic gold medalists, Alexis Ohanian, co-founder of Reddit, will offer the largest prize purse for a track and field meet.
The 776 Invitational will be a women’s only event taking place in September. First place will receive $60,000, second place $25,000, and third place $10,000. The location of the meet and the competitors have not been announced. Ohanian aims to release this information before the Paris Olympics.
When asked why he wanted to take on this endeavor, he stated two reasons.
“…one, I was shocked when I found out what the current highest [prize purse] was [$30,000 for a final event in the Diamond League]. And two, there is a healthy tension that exists, which is the prize money should be directly correlated or related to the sort of scale and scope of the event itself,” said Ohanian.
Ohanian’s thought process behind offering a large prize purse is that it will inherently promote the sport and increase its popularity.
Last year at the Diamond League final, Olympic and world champion Shericka Jackson won the 100-meter and 200-meter dash. Only after winning both events did she win $60,000, as each win was worth $30,000. The Diamond League is the premiere track and field league in both competition and prize money. The 776 Invitational offering double of what the Diamond League offers could set the precedent for other meets and leagues to provide more money for competitors.
Even if the organizations running the meets do not have the necessary funds to offer large prize amounts, if the 776 Invitational is successful, it may inspire more celebrities and investors to follow in Ohanian’s footsteps.
Like Ohanian, many fans and athletes understand that competitors need to be paid accordingly for their outstanding skill level. Women like Sydney McLaughlin-Levrone and Faith Kipyegon consistently rewrite history in their respective events. Fans and spectators believe that if an athlete can break a world record multiple times or constantly dominate their competition, they should be compensated greatly for their efforts.
To continue demonstrating Ohanian’s dedication to advancing track and field, he teamed up with Olympic medalist and world champion Gabby Thomas. In an interview with ESPN, Thomas mentioned that having increased prize money will create a better product. Since track and field is an underfunded sport, large prize purses will attract more people to the sport and keep more people in it.
Money can be the most significant barrier to entry when competing in the sport professionally. Winning this prize money can be a huge difference-maker for athletes who may not have sponsorships or large shoe contracts.
It is important to note that the 776 Invitational will not contest every event. Most noticeably, the field events will be missing. Many field athletes, such as long jumpers Tara Davis-Woodhall and Jasmine Todd, took to X to ask if the meet would include field events. Ohanian replied to Davis-Woodhall and expressed that the field events would not be included due to the limited broadcast window.
Historically, field events have received less attention because some fans view their competition as less exciting than they would a sprint event. Many field eventers, especially throwers, have stated they are more likely to go unsponsored. They also tend to get less than favorable coverage during the meets broadcast. However, despite this, field eventers such as Mondo Duplantis and Ryan Crouser consistently push the envelope and show just how exciting non-running events can be.
The hope is that they may be added to the event some time in the future.
Ohanian is not the only one hoping to change the sport with his investment. Earlier this year, former 400-meter and 200-meter world record holder Michael Johnson announced that he received a $30 million investment to launch his new track and field league next year.
Barry Kahn and Ben Schragger are also launching an event worth a large amount of money. The Duæl Track event will focus on contesting the 100-meter dash, where ten men and ten women compete for a $1 million prize purse.
With all of these new opportunities emerging for track and field athletes, it may not be too long before the sport becomes more popular and takes on a modern form.