The obvious workaround would be to just use one watch for the group, and a lap for each separate athlete. Then you could choose to transcribe the individual efforts into the separate people.
A different workaround was reported by one coach is to create a separate watch for the team and one for each athlete. So a one mile relay race would have five watches. To ensure accurate timing, simply hit Start All at the beginning of the race, and then during the first lap, Stop and Reset the three other runners. Then as each lap finishes, hit the Stop/Start buttons of the finishing/starting runner. Finally, at the end of the last lap, hit Stop All. You will now have the correct time for the group and for each runner's separate performance.