(Bloomberg) -- On Thursday night in New York, track and field fans packed into Icahn Stadium for the promise of watching Olympic champions compete for the largest purse ever given at a women’s event.
There was also a DJ, a rap concert and plenty of theatrics.
The event — called Athlos after the Greek word for contest — is the latest push into women’s sports by Alexis Ohanian, co-founder of Reddit. He led a group that started Angel City FC in 2020 that has since become the highest-valued team in the National Women’s Soccer League as investment pours into women’s sports.
Ohanian, who is married to tennis great Serena Williams, got interested in women’s soccer after watching the US win the women’s World Cup in 2019. He saw an opportunity to leverage the sport’s popularity between international tournaments, which has paid off with Angel City recently valued at $250 million. He sees similar potential in women’s track, especially after attending the Paris Olympics earlier this year.
“It’s a lot of the same energy I felt on the inaugural day of Angel City,” Ohanian said on Thursday before the first race at Athlos. “We have stars from all over the world. And we’re giving them a place worthy of their greatness.”
With Athlos, Ohanian, who funded the event through his 776 venture capital firm, aims to disrupt the sport in two ways: making track a lot more fun for fans and boost pay for the athletes.
The event was held at a track venue, but had a mix of music and razzle dazzle; Ohanian has said he wanted a “Coachella” vibe. There were six races — fewer than a traditional meet — that spanned the 100-meter hurdles to the 1,500 meters and spread over about two hours.
The audience was a mix of young runners who said they looked up to the women as role models and avid fans well into their 60s. The athletes, including three-time gold medal winner Gabby Thomas, entered the track through a tunnel with sparklers as personal walk-out songs played. Actual crowns — from Tiffany & Co. — were handed out to winners, and the crowd received bright LED bracelets. Before the first race of the evening, Ohanian said this wasn’t a one-and-done investment.
“We don't want to do anything small,” Ohanian said. “And seeing the ticket sales, seeing the turnout, I think without a doubt we'll do this again next year.”
Inez Montollo, a 47-year-old New Yorker, frequents track events at Icahn Stadium and said this event was unlike anything she’s ever seen in the sport. “It’s usually quiet during a track meet,” Montollo said. “When the race goes off, everybody is screaming, but there’s not all this music and celebration. My daughter doesn’t usually come to races with me, but she’s going crazy.”
Rapper Megan Thee Stallion took the stage to close the event. But the crowd thinned out, which suggests a lot fans were there mainly for the running.
The winnings for the 36 athletes — six in each race — spanned $60,000 for first to $2,500 for sixth, making it the largest purse for a women’s track event. The organizers also said runners would evenly share 10% of the revenue generated.
This is part of Ohanian’s push to improve the pay gap in women’s sports. There is a pro circuit for track called the Diamond League, where the top finisher at the finals was awarded $30,000 this season — half of what was given for first place on Thursday.
“I didn’t realize how poorly the women were getting paid,” Ohanian said. “So that was a huge opportunity, and the easiest thing for us to decide to have the biggest purse ever.”
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