The concept of a 100 metre race is that you run 100 metres on foot, and the concept of building a powerful character is that you work on the needed skills until you have the power.
I don't see any difference between skipping over the difficult training to go directly to having the powerful character and skipping over the race course to be put closer to the finish line.
I don't see any problem with allowing the sale of equipment, roleplay items or some kind of status symbol if extra money is needed, but I think that buying stats and experience is as close to cheating as you can get. Of course if the rules of the race are that you can pay someone to give you a ride then it's no longer cheating, so I guess it's really up to the admins how they want to do it.
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