Balakhnichev was an athlete for the Soviet Union, taking third place in the 110 metres hurdles at the 1973 national championships and representing his country at the 1973 European Indoor Championships. He retired as an active athlete in 1976 a year after receiving his degree from Moscow Power Engineering University and began his career as a coach. He was the Soviet national coach from 1978-1984. He has since earned a PhD and is a doctor of sciences in theory and methodology of physical education and sports training.