I do feel I'm getting into where I'm not called replying in here, but I do think it might be of some use. Besides, the fact of posting in a forum labeled as roleplay shows the willigness of those doing it to improve in it, and I'd like to voice some thinkings, that perhaps find some use.
Here we've a roleplayed race, but see that nowhere is a reason behind it. In that sense, the roleplay tag seems to loose strenght. Observe also, that the race is advertized in the taverns. Good choice, but then it's clearly stated that Sov finances the prices.
Leaving appart suggestions that have been already been made, like the one that Hassadria did, only swaping start and end, just to try to put some life in Ojaveda (a simple change to the race, that might achieved a good result, keeping into account that Ojaveda tends to be without players) I'll focus on that lack of argumentation of the race itself.
Yes, it can be a race out for fun... or for the price of it... but still, why people that has their life going on should start a race from Oja to Hydlaa? Surely, the majority of people isn't used to those races (from an IC perspective, probably they choose to travel between those cities riding, rather than running on their feet, if they've the chance) so, somewhat, this feels a bit as an "olimpic" competition. And that might be fun and open some roleplay chances. Roleplay that certainly would not come from the hardware that each player has, but rather from the character each player has. Those chars that are meant to be speedy, should be the ones willing to participate to earn the price, and those less speedy either not, or participate for the sake of it, but knowing they won't win. Somehow, I feel there has to be something else than a money reward to make a race, specially if it has to be labeled as roleplayed.
Sov sponsors the race, but him is known to have commited non desireable acts, so, somehow, the sponshorship (public) is an incongruence in itself to attract people.
I'll give my suggestion, that I think comes too late for this race, but may be of use for later events similar to this one (or not)
Let's use the sponsorship, yes, Sov sponsors the tournament, but not publicly, obviously. Only the ones that are organizing the tournament know that someone's added a sum of money as a price to the fastest one to travel, by foot, between Hydlaa and Ojaveda. Ok. This person is a "bridge" that is used by Sov, to finance the tournament, but without exposing himself. So there's a donator, but isn't known. And then... where's the purpose? The purpose might be recruiting. Due to Sov's guild nature, surely he would welcome speedy chars (because that speed would be roleplayed right? not relying only on hardware) and thus, he might want to incentivate those speedy ones in Hydlaa to compete between themselves, so he (and his guild) can know who the fastests are, and, amongst them, try to recruit for their guild. By adding that "rear plot" to the race, you make it somewhat unique, and approach it a bit more to be IC, and not only a mere OOC entertainment, that may proof who has the best hardware and earn some money for oneselves char.
To sum up: Add something more than money to your roleplay events.
Hope this is of some use.