What's Happening?
Alexis Ohanian, co-founder of Reddit and a prominent investor in women's sports, has expanded his portfolio by investing in 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 significant growth across various levels of play. Ohanian's investment adds to his existing stakes in other California-based sports teams, including Angel City FC in the National Women's Soccer League and LA Golf Club in TGL. Founded in 2020, LOVB encompasses both youth and professional volleyball and has secured media rights deals with ESPN and Versant, along with sponsorships from brands like Skims. The league has raised over $160 million from investors, including Lindsey Vonn, Candace Parker, and Kevin Durant-founded Boardroom Sports Holdings.
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. By investing in volleyball, Ohanian is contributing to the diversification and expansion of professional sports opportunities for women. This move could encourage other investors to consider women's sports as viable and profitable ventures, potentially leading to increased media coverage, sponsorships, and fan engagement. The involvement of high-profile investors and athletes further legitimizes and elevates the status of women's sports leagues, fostering a more inclusive sports industry.
What's Next?
With Ohanian's investment, LOVB is likely to continue expanding its reach and influence in the sports world. The league's partnerships with major media outlets and sponsors suggest a strategic plan to increase visibility and attract more fans. As LOVB grows, it may inspire similar initiatives in other sports, further promoting gender equality in athletics. The success of LOVB could also lead to more professional teams being established, providing additional opportunities for female athletes to compete at high levels. Stakeholders in the sports industry may closely monitor LOVB's progress to assess the viability of similar investments.
Beyond the Headlines
Ohanian's investment in LOVB not only supports women's sports but also reflects broader societal shifts towards gender equality and empowerment. By backing a women's volleyball league, Ohanian is contributing to the dismantling of traditional gender barriers in sports. This investment could have long-term cultural implications, encouraging young girls to pursue sports and fostering a generation of female athletes who see professional sports as a viable career path. The involvement of influential figures like Ohanian may also inspire other industries to prioritize gender equality in their business practices.
