Alexis Ohanian is continuing to make significant financial contributions to the growth of women’s sports.
During a fireside chat with two-time Olympic track and field medalist Gabby Thomas at the Business of Women’s Sports Conference in New York City, the Reddit founder officially announced that his Seven Seven Six venture capital firm will sponsor a new women-only track event, the 776 Invitational.
The invitational, set to take place this September, aims to become the flagship event for women’s track by offering the largest-ever purse for a women-only competition. Across all races, the winner will take home $60,000, second place will earn $25,000 and third place nets a $10,000 purse.
While scant on other specifics, the 776 Invitational also promises to revolutionize the way track is presented to the masses with a modernized broadcast and in-person fan experience.
“At 776, we believe in the power of sports to drive positive change and inspire future generations,” Ohanian said in a statement. “By investing in women’s track, we aim to build a best-in-class event that elevates the profile of top women athletes and creates a more equitable sporting landscape.”
“I am excited to partner with forward-thinking organizations like 776 that share our vision for advancing women’s track,” Thomas said. “Through this investment, we hope to not only provide athletes with the resources and visibility they need to have enduring careers but also to inspire fans worldwide with a reinvented format to experience the best of our sport.”
The invitational is born from the lack of attention track and field gets beyond the Summer Olympics, which take place every four years. It’s a significant concern for Thomas, who won bronze in the 200 meters and silver on the 4x100m relay at the Tokyo Olympics in 2021. Recently, the Austin, Texas-based sprinter spoke out against a new media deal made with FloSports by the Wanda Diamond League, the global professional outfit for elite athletes. The Diamond League will leave Comcast’s Peacock after the 2024 season.
“I have nothing against FloSports, I love their journalism, but that we don’t even know the logistics behind (the deal),” Thomas told Sportico in an interview published on April 19. “We don’t know why they chose to do that. But what I do know is that track and field was getting a lot more visibility on the time that it was on Peacock.”
The creation of the 776 Invitational is the second announcement that Ohanian, the husband of tennis icon Serena Williams and the principal owner of NWSL team Angel City FC, has made this week as related to women’s sports. On Monday, Ohanian’s 776 Foundation announced that it will invest in The Sports Bra, a renowned bar in Portland, Ore. dedicated to showing women’s sports on television, with the aim of expanding its brand across the country.