Billionaire entrepreneur Alexis Ohanian, co-founder of Reddit and the husband of tennis legend Serena Williams, has announced that his venture capital firm Seven Seven Six will host the 776 Invitational, in partnership with Olympic medalist Gabby Thomas.
The event will take place at the end of September, after the Olympics in Paris and will have the largest prize pool on record for a women-only track event.
According to the Washington Post, Ohanian was curious about women’s track and field last year. His curiosity led him to contact multiple track athletes, including sprinter Gabby Thomas, to aid his research. Multiple conversations helped Ohanian recognise the untapped potential and sought to address the disparities in track event prize money and media coverage outside of the Olympic Games. Ohanian announced at the Business of Women’s Sports Summit on 23 April, alongside Thomas (whom he will partner with) that he would be investing in women's track and field.
SO excited to partner with @alexisohanian as he hosts the 776 invitational this year following the Olympic Games!! This event will not only have the biggest purse of any women’s track event, but it will truly make a much needed impact on our sport. pic.twitter.com/jPepjC9kk8
— Gabby Thomas (@itsgabbyt) April 23, 2024
With a total purse exceeding $500,000, the invitational aims to attract top-tier athletes from the United States and international countries. The winner of each event stands to claim a significant cash prize, with $60,000 for first place, $25,000 for second place and $10,000 for third place in each event.
"Most important is this had to be the largest purse in the history of women's track and field," Ohanian said. "Why? Because one, I was shocked when I found out what the current highest one was [$30,000 for a final event in the Diamond League]. And two, there is a healthy tension that exists, which is the prize money should be directly correlated or related to the sort of scale and scope of the event itself."
"I'm very happy to be the one who steps up and says, 'Here's the money.' Look, this matters. This is an amazing set of humans who you're going to be captivated by during the Olympics, and you're going to see in a whole other way at the 776 Invitational."
Ohanian is no stranger to investing in women's sports. To name a few, Ohanian is the principal owner and founding investor of two professional teams, Angel City FC and Los Angeles Golf Club and he has invested in a women's sports bar ( The Sports Bra).
“I never want it to be misconstrued as, ‘Oh, it’s because he’s a girl-dad or it’s because he’s Serena’s husband or it’s for charity,’” Ohanian said. “No, that’s what’s held this s--- back. First and foremost, I’m here because I think it is great, and I invest in greatness. If it just so happens it inspires a generation of young girls, awesome. I want to keep investing across all these elements of sport, and the women’s game continues to be where there’s tremendous upside.”
I'm thrilled to announce the @776foundation will be investing in @TheSportsBraPDX to support their expansion into other cities.
All returns will be reinvested into girls' and women's sports 🏃♀️
Like I always say, women's sports, this is only the beginning 💪 pic.twitter.com/rdme81xZRn— Alexis Ohanian 🇦🇲 (@alexisohanian) April 22, 2024
Ohanian's interest in track and field was piqued by a poignant interview with sprinter Sha’Carri Richardson, prompting him to delve deeper into the sport's landscape. He recognized the untapped potential and sought to address the disparities in prize money and media coverage outside of the Olympic Games.
The specific details of the event are yet to be finalised but the event's success could pave the way for future initiatives, signaling a transformative shift in the sport's trajectory.
