What's Happening?
Alexis Ohanian, co-founder of Reddit, has expanded his investment in women's sports by backing League One Volleyball (LOVB). His investment firm, Seven Seven Six, will lead the ownership group for a new professional team, LOVB Los Angeles Volleyball.
This move comes as volleyball experiences rapid growth across various levels. Ohanian's investment adds to his existing portfolio, which includes stakes in Angel City FC and LA Golf Club. LOVB, founded in 2020, has secured media rights deals with ESPN and Versant, and boasts high-profile sponsors like Skims. The league has raised over $160 million from investors, including Lindsey Vonn and Candace Parker.
Why It's Important?
Ohanian's investment in LOVB highlights the growing interest and financial backing in women's sports, which have historically received less attention and funding compared to men's sports. This move could further elevate the profile of women's volleyball, attracting more fans and sponsors. Ohanian's involvement brings visibility and credibility to the league, potentially encouraging other investors to support women's sports. The expansion of LOVB in Los Angeles could also boost local interest and participation in volleyball, contributing to the sport's growth and development.
What's Next?
With Ohanian's investment, LOVB is poised to expand its reach and influence in the sports industry. The league may explore additional media partnerships and sponsorships to enhance its visibility and financial stability. As the new team in Los Angeles develops, it could attract top talent and increase competition within the league. Stakeholders will be watching how LOVB leverages this investment to grow its brand and impact in women's sports.
