Alexis Ohanian outlines award tiers for groundbreaking women’s track invitational

The GIST: Tech entrepreneur and investor Alexis Ohanian — who co-founded Reddit and is married to Serena Williams — shared further details with Front Office Sports on the 776 Invitational, a pro women’s track and field event offering record prize money. Hitting the ground running.

The event: Announced in April, the women’s track event slated for September is sponsored by Ohanian’s venture capital firm, Seven Seven Six. While the location, exact date, and full athlete roster has yet to be released, Olympic bronze medalist Gabby Thomas has already signed up as a participant and advisor for the event.

The structure: There will only be six races at the event with six competitors each — 100m, 200m, 400m, 800m, 1500m, and the 100m hurdles. Every participant will earn prize money, with $60K for first place, $25K for second, $10K for third, $8K for fourth, $5K for fifth, and $2.5K for sixth. Ohanian added that 10% of all event revenue will be pooled and split evenly among all athletes.

The context: While the prizes may sound small, it’s quite the jump for track and field. The sport’s athletes rely heavily on Olympic endorsements but, until now, have never been compensated for competing at the Games. In April, track and field governing body World Athletics broke Olympic precedent by agreeing to pay athletes at Paris 2024, awarding $50K with every gold medal.

• Outside of Olympic years, premier opportunities still pay little. Elite track circuit Diamond League pays winners $10K per race and $30K at only the last meet of the season — half of what Ohanian’s offering first-place winners for a single race. If you ain’t first, you’re last.

Zooming out: Track has historically fielded few sponsors, with opportunities limited to big stars like Sha’Carri Richardson, a coveted brand ambassador who saw more Instagram engagement in 2023 than popular WNBA rookie Cameron Brink. Ohanian’s event makes both exposure and pay more accessible to a generation that knows track is marketable — just ask Sha’Carri (and Jacquemus).