Alexis Ohanian’s most recent announcement has given track and field players even more grounds for celebration. The co-founder of Reddit and husband of tennis icon Serena Williams has disclosed a special deal for his recently set up track event, the 776 Invitational. This project aims to rethink the financial incentives and support systems for athletes.

Olympic medallist Gabrielle “Gabby” Thomas, a partner in the 776 Invitational, is in favor of this stunning project. Moreover, there might be a possibility for Sha’Carri Richardson to compete in it. The possibility is rooted when Ohanian shared a sneak peek of the Invitational’s September launch. Sha’Carri Richardson was prominently featured in the accompanying video.

Moreover, Ohanian outlined the 776 Invitational’s organizational framework and inventive athlete remuneration scheme in a tweet. This project aims to put significant prize money up for grabs and a 10% revenue giveback to participants. Now a June 13 X post by Alexis Ohanian has furthered the excitement about the event. It shared an article by Front Office Sports that outlines the massive prize money.

Six races are scheduled at Ohanian’s 776 Invitational: the 100, 200, 400, 800, and 1500 meters besides the 100-meter hurdles. Six elite female competitors will compete for large cash prizes at each tournament. The distribution of prizes is as follows: the top reward is $60,000, the second place is $25,000, the third place is $10,000, the fourth place is $8,000, the fifth place is $5,000, and the sixth place is $2,500 respectively. Together, this comes down to $663,000.

Apart from these rewards, Ohanian instituted a 10% revenue return. “10% of all revenues (ticketing, commercial, broadcast) will be pooled and given back to participating athletes,” he said. By bringing athletes’ financial well-being and the event’s performance together, this project hopes to foster a more encouraging atmosphere.

Track and field competitors typically only receive prize money and sponsorships, so this revenue-sharing arrangement is revolutionary. Ohanian’s strategy guarantees that everyone who takes part will benefit from the event’s success in the end, regardless of where they finish.

Alexis Ohanian’s thoughts and aim for the fresh project

Gabby Thomas and expected competitor Sha’Carri Richardson look to benefit much from the 776 Invitational. In addition to the prize money, these competitors may earn over $500,000 from the 10% income pool. This would be a substantial funding lift for a sport that is frequently lacking outside of the Olympics. Furthermore, to provide immediate financial gains, Ohanian’s methodology ensures continued assistance. “Aligning what’s good for our event with what’s good for our athletes feels like a no-brainer,” Ohanian stated. Other track and field competitions taking inspiration from this creative method might foster a more fair and sustainable setting for players.

Ohanian underlined the significance of organizing an event that players would be excited to promote in a Front Office Sports interview. He pointed out the shared success approach by saying, “Even the most junior employee has skin in the game.” Additionally, considering the thrill, “There’s such an energetic fan base that’s so engaged online,” Alexis Ohanian added witnessing the foundation basis of viewership. It is anticipated that this strategy will draw elite talent and foster a strong sense of camaraderie among participants.

However, to guarantee the success of the event, Ohanian is not only spending prize money but also great production quality. Although he understands that profitability could not materialize right away, he is optimistic about the long run. In his words,  “If you focus on making something that people love… creating a profitable, successful business in the long term is very, very doable,” it’s apparent that great investments require time. His words rely on the best quote, ‘Time is money.’ Thus, everyone is excited about the 776 Invitational and all the good things it will offer as it gets ready to go. Ohanian has established a norm that others may soon follow in the sport with his dedication to financial equity and athlete support, rolling in a hopeful new era.