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A new invitational for the world's top sprinters will feature the largest purse ever for a women's-only track event.
Alexis Ohanian, co-founder of Reddit and husband to Serena Williams, told ESPN on Tuesday that his venture capital firm Seven Seven Six is investing in women's track with the 776 Invitational. The event will take place at the end of September and aims to modernize the sport and its fandom.
The prize money will be $60,000 for first place, $25,000 for second place and $10,000 for third place in each event.
"Most important is this had to be the largest purse in the history of women's track and field," Ohanian said. "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]. 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.
"I'm very happy to be the one who steps up and says, 'Here's the money.' Look, this matters. This is an amazing set of humans who you're going to be captivated by during the Olympics, and you're going to see in a whole other way at the 776 Invitational."
Ohanian, the principal owner and founding investor of two professional teams, Angel City FC and Los Angeles Golf Club, said he started to pay close attention to trends within women's track and field last year.
He said he particularly focused on how race competitions receive minimal media coverage and broadcast opportunities outside the Summer Olympics.
"Every four years, during the Olympics, this is a really popular sport, and then all the coverage and everything seems to go away," Ohanian said.
"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."
Ohanian connected with two-time Olympic medalist and sprinting world champion Gabby Thomas. Ohanian said it became obvious that he needed to partner with Thomas to bring his vision to life.
"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 said to ESPN.
"A lot of fans want to see us run, 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 goal is to announce all committed athletes, in addition to the location of the event, before the Summer Olympics in Paris.
As of now, the 776 Invitational is a one-off event. But Ohanian and his team said the goal is to expand to more invitations, if the demand and energy are there.
"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.
