Inside The Billion-Dollar Business Behind The New York City Marathon
Today's newsletter includes a 2,500-word breakdown of the New York Road Runners 44-page financials, including total revenues and expenses, sponsorship income, and executive pay.
This year’s TCS New York City Marathon was the largest in history, with a record 59,226 finishers crossing through all five boroughs. Runners from 132 countries crossed five bridges and gained 810 feet of elevation. That means the NYC Marathon has more elevation gain than the Berlin, Chicago, and London marathons combined.
In total, over 200,000 people applied to run this year’s New York City Marathon. With an acceptance rate of just 2-3%, the TCS New York City Marathon now has a lower acceptance rate than Harvard, Princeton, Yale, and every other Ivy League school.
NYC Marathon Lottery Applicants By Year
2022: 84,000 (12% acceptance rate)
2023: 128,000 (5% acceptance rate)
2024: 165,000 (4% acceptance rate)
2025: 200,000 (2-3% acceptance rate)
But these numbers barely tell the real story. While the New York City Marathon initially began in 1970 with just 55 finishers paying a $1 entry fee to run through Central Park, the world’s most popular marathon is now a billion-dollar business.
The nonprofit organization that runs the NYC marathon — New York Road Runners (NYRR) — generated a record $117 million in revenue last year. That includes tens of millions of dollars in entry fees, sponsorship deals, media rights agreements, and merchandise sales, all while raising hundreds of millions of dollars for charity.
So for today’s newsletter, we’ll dive deep into the business behind the New York City Marathon. I’ll start by talking about the intimate financial details I pulled from NYRR’s recent 990 filing. But then, I want to address some of the more contentious debates, including how so many influencers are bypassing the lottery to gain access, what sponsorship deals are actually selling for, executive compensation, and more.
I’ve spent the last week reviewing NYRR’s financials and speaking with insiders, so I’m confident this is the most detailed breakdown you’ll find anywhere on the internet.