$31 Million Alexis Ohanian and Michael Johnson Investment Brutally Mocks World Athletics’ Diamond League

The coverage and earnings in track and field have sparked discussions worldwide, with athletes like Sha’Carri Richardson, Gabby Thomas, Aaron Kingsley Brown, and others often highlighting the disparities in the sport. In February 2024, “Superman” Michael Johnson, a four-time Olympic gold medalist, expressed his concerns to Sportico, stating, “It’s been a shame for me to watch it over the last couple decades since I retired not be able to continue to provide the same amazing moments to people outside of just the Olympics.” In response to these issues, Johnson has teamed up with the Winners Alliance to launch a new league aimed at helping amplify track and field beyond the Olympics.

Additionally, Alexis Ohanian, co-founder of Reddit and husband of Serena Williams, announced an unprecedented $31 million investment in women’s track and field. Interestingly, these investments come as the 2024 Diamond League, an annual series of elite track and field competitions, begins. Let’s examine how the $31 million investment by Alexis Ohanian and Michael Johnson contrasts with the World Athletics’ 2024 Diamond League.

Michael Johnson and Alexis Ohanian’s investments in track and field

According to the Washington Post, Alexis Ohanian reached out to Olympic sprinter Gabby Thomas last year to discuss his sudden interest in track and field. This conversation led to an announcement at the Business of Women’s Sports Summit in New York where Ohanian revealed plans for the 776 Invitational, a women-only track event with the largest prize pool on record.

Scheduled for late September, after the Paris Olympics, the event will offer a total purse of at least $500,000, with $60,000 going to the first-place winner, $25,000 for second place, and $10,000 for third place. Ohanian’s venture capital firm, Seven Seven Six, will host the event, and the location is yet to be finalized.

Similarly, track and field veteran Michael Johnson raised over $30 million to launch a new track league aimed at revolutionizing the sport. The league, set to debut next year, will provide a TV-friendly product promoting the sport’s biggest stars and attracting new audiences through unique storytelling. The Winners Alliance, the commercial arm of the Professional Tennis Players Association, has stepped in as the lead investor and will also serve as the league’s operating partner.

Taking to X on April 23, 2024, Johnson announced, “Working to change the game for athletes and fans! League details coming this June,” with the inaugural season scheduled to start in 2025. Johnson told Sportico in Feb, “The track has been such a big part of my life, and I’m in a position to help this sport get back to where it should be.” As we reflect on these investments, let’s compare them with this year’s Diamond League prize purse for athletes.

World Athletics’ Diamond League prize purse

All 32 Diamond League Champions, comprising one man and one woman in each of the 16 disciplines, are crowned over two days of athletics action at the Prefontaine Classic in Eugene, receiving a prestigious “Diamond Trophy,” US $30,000 in prize money, and a wild card for the World Athletics Championships. The 2024 Diamond League offers prize money as follows: At series meetings, 1st place receives $10,000, 2nd place $6,000, 3rd place $3,500, 4th place $2,000, 5th place $1,250, 6th place $1,000, 7th place $750, and 8th place $500.

The finals offer: 1st place receives $30,000, 2nd place $12,000, 3rd place $7,000, 4th place $4,000, 5th place $2,500, 6th place $2,000, 7th place $1,500, and 8th place $1,000, with additional rewards for 9th–12th place finishers in distance races and ninth-lane runners in sprints. Meanwhile, the 776 Invitational offers $60,000 for first place, $25,000 for second place, and $10,000 for third place.

The $31 million investments by Alexis Ohanian and Michael Johnson in track thus underscore a significant challenge to the traditional model of track and field competitions, particularly when compared to the prize money offered by the Diamond League. What are your thoughts about this difference? Comment below!