A New Women’s Track Meet Will Offer the Largest Prize Money in History (2024)

Everyone watches women’s sports, and Alexis Ohanian is banking on that. On Tuesday, the Reddit co-founder and husband to Serena Williams announced that his venture capital firm Seven Seven Six is investing in women’s track with the 776 Invitational, a meet that will feature the largest ever purse for a women’s only competition.

Few details were revealed beyond the numbers, but the event is planned for the end of September, and the prize money will be $60,000 for first place, $25,000 for second place, and $10,000 for third place in each event.

During a talk with two-time Olympic medalist, sprinter Gabby Thomas, at the Business of Women’s Sports Conference this week, Ohanian said that the most important detail is breaking the record for the largest pool of prize money offered in the history of women’s track and field.

“Why? Because one, I was shocked when I found out what the current highest one was [$30,000 for a final event in the Diamond League],” he said. “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.”

Ohanian began paying attention to trends in women’s track and field over the past year and noticed what fans have been saying for years—outside of the Olympics, running competitions receive minimal media coverage and broadcast opportunities.

“And looking at the existing professional infrastructure [with the Diamond League], I did some work and then I just started DM’ing a bunch of track athletes. I was like, ‘Hey, do you mind getting on the phone so I can learn?’ That’s when I realized how low the prize money was and how low the coverage was and how difficult it was to even watch.”

He connected with Thomas and they decided to work together on the 776 Invitational.

“Track and field is a very underfunded sport, especially not in Olympics years, so I do think having that additional resource will mean a lot to the athletes and will help a lot of people get into the sport and stay in the sport which ultimately creates a better product,” Thomas told ESPN.

“A lot of fans want to see us run,” she continued, “they want to see us compete, they want to be excited, they want to follow our journeys, but when you’re not being compensated for your hard work it’s hard to make that happen. So, I think this will really change the trajectory of our sport.”

Ohanian said the plan is to announce the location of the meet and all committed athletes before the Summer Olympics in Paris. For now, the 776 Invitational is a one-off event, but if all goes well, and the fans show up, the concept could expand.

“This is an investment, right? This is not because it feels good. It’s because I think these women are amazing. They’re captivating. They are great, and fans are going to show up in a big way and be really excited to support it,” Ohanian said.