Despite Wife Serena Williams’ Warning, Alexis Ohanian Proudly Reveals How He Pushed Ahead to Raging $250 Million Success

Who knew that making the tough but necessary decision to leave Reddit would start a domino effect, making Alexis Ohanian affiliated with the most valuable women’s sports team in the world? Well, it turns out Serena Williams didn’t.

Founded in 2020 by Natalie Portman, Kara Nortman, and Julie Uhrman, Angel City FC joined the NWSL in 2022. Before that happened, the founders brought Alexis Ohanian on board as the majority shareholder. What did he do? He made his eldest daughter, Olympia, a part-owner, making her the youngest owner in pro sports history! That said, the team got off to a rocky start in the league.

8 wins, 5 draws, and 9 losses to cap off their inaugural season, adding up to just 29 points. But Ohanian kept believing. He knew what he wanted for the franchise: “You have to really believe from Day 1. The goal here is not to be the best club in NWSL. The goal is not to be the best women’s professional sports club. The goal is not to be the best football club. The goal is to be the best sports franchise in the world.” Well, Angel City FC got closer to that vision this September when Bob Iger (CEO of Disney) and his wife became controlling owners of the franchise, acquiring it at a valuation of $250 million!

Seeing as Alexis Ohanian’s venture into sports is relatively new (at least compared to his wife, Serena Williams), what he did with Angel City FC was truly remarkable. But that’s what he’s been doing since he left Reddit. The entrepreneur has since taken it upon himself to uplift women’s sports in the USA, and another project he’s been closely related to is the NWSL reality show, The Offseason.

The final episode of the docuseries The Offseason—made by National Women’s Soccer League (NWSL) forward Midge Purce and Alexis Ohanian’s venture capital firm Seven Seven Six— was released last week (the NWSL final was also last week). Talking to Fortune on November 27, Ohanian said, “The world of sports media has been by and for men for 100 years anyway. This was a chance to put on display stars from this league and tell a story that’s never been told before.” 

Ohanian and Purce partnered with Box to Box Productions (makers of Drive to Survive and Break Point) to produce The Offseason, a six-episode series that follows 11 NWSL players as they spend two weeks in Miami, living under the same roof. Ohanian sees an opportunity to capitalize on the current underinvestment and build new infrastructure that can generate significant returns. “We’re building at first principles right now, from the start. We’re able to build using technology in a way that makes this way more venture-viable than men’s sports.”

However, Fortune reported, “[Ohanian] said his wife, Serena Williams, even originally tried to talk him out of it, but she’s since come around.” How did he convince her? He made his case with a simple argument.

“Look at the economic value of these teams that really only effectively tap into half the population at the end of the day. I don’t want to generalize, but most brands that are currently interested in aligning with sports are backing men’s teams. But we know who controls household spending. We know who drives culture… At a minimum, if you can reach an audience that’s as big as the current [audience for men’s sports], I think you clearly have a billion-dollar business.” And his research and instincts were in the right direction.

In September, when Angel City FC made history by securing a $250 million valuation, new majority owners Willow Bay and Bob Iger injected an additional $50 million to support the club’s continued growth and success. In just three seasons, ACFC has surpassed all other NWSL clubs in terms of sponsorship revenue, attendance, ticketing revenue, community impact, and brand recognition.

While Ohanian has uplifted the women’s soccer team to a great level, he already has another project on his hands. After soccer, Ohanian is focusing on making athletics big. Serena Williams’ husband successfully concluded an athletics meet, Athlos, in New York City back in September. It had the biggest prize purse ever seen in athletics, with the winner of every event pocketing $60,000. Moreover, winners were gifted Tiffany & Co. crowns instead of medals. However, Ohanian is not ready to stop with just one edition of the women-only event. He wants to make it an annual happening, like the US Open.

Serena Williams’ husband is vying for Athlos to become an annual affair

It was a star-studded night in NYC as everyone geared up for one of the biggest athletics events of the year. Athlos featured five-time Olympic medalist and track and field athlete Gabby Thomas, 1500m world-record holder Faith Kipyegon, and another Olympic champion, Alexis Holmes. And to cap the night with some fun and music, American rapper and singer Megan Thee Stallion took over the mic! A star-studded night and an unforgettable experience. No wonder Ohanian doesn’t want it to be a one-time thing.

During his talks with American sports journalist Jemele Hill, the 776 founder expressed his desire to make it an annual event. He said, “At a minimum, I want this to be an important part of the New York sports landscape. It is in the same way that the US Open is one of those must-attend events not just for tennis fans but for New Yorkers, Americans, or international fans. Like it is a marquee event of athletic excellence.”

That’s a very big goal. However, Serena Williams’ husband is known to achieve the targets he set for himself. Hence, it might not be a surprise if Athlos becomes what he strives for it to be. Moreover, what’s a better way to highlight women’s sports than to bring Olympic champions home?