“Can we lay out the track like an F-1 circuit and not have it be an oval every time?” Ohanian asked at one point.
According to Ohanian’s recollection, Thomas responded, “That’s a terrible idea.”
Ohanian and Thomas continued their conversation, and his interest in women’s athletics led to a stage appearance inside the Chelsea factory at the Business of Women’s Sports Summit on Tuesday afternoon. Ohanian, seated next to Thomas, announced an unprecedented investment in women’s athletics.
In late September, about a month after the Paris Olympics, Ohanian’s venture capital firm, Seven Seven Six, will host the 776 Invitational, the largest women’s-only track event in history.
Athletes from across the United States and abroad will compete for at least $500,000 in total prize money: $60,000 for first place, $25,000 for second place, and $10,000 for third place in a number of events yet to be determined. It’s more content than most events on the pro circuit, men’s or women’s. Last year’s world championship gold medalist earned $70,000.
In 2019, Ohanian saw women’s soccer as an undervalued business opportunity and launched NWSL franchise Angel City in Los Angeles through Seven Seven Six. He similarly views women’s athletics as a business opportunity rather than a cause.
“I never want people to think, ‘Oh, he’s the father of a girl, or he’s Serena’s husband, or he’s doing charity work,'” Ohanian said. “No, that’s what’s holding this thing back. First and foremost, I’m here because I think it’s great and I’m invested in its greatness. If it happens It’s going to inspire a generation of young girls, which is great. I want to continue to invest in all these elements of the sport, and I think the women’s game will continue to benefit greatly. It will continue to be a field where we can do it.”
The location for the invitational has not yet been finalized, but Ohanian has a venue in mind: Oregon, which has hosted nearly every major U.S. track and field event in recent years, including the 2022 World Athletics Championships. He said it’s not Hayward Field in Eugene. Championships and U.S. Olympic Trials.
Ohanian’s entry into track and field brings hope to a sport that has struggled to gain attention in the United States outside of the quadrennial Olympics. For now, he’s limiting his investments to women’s events only.
“Some people online may be a little upset that the biggest award in history is being presented at a women-only event,” Ohanian said. “But I’m okay with that.”
Ohanian first became interested in track and field after watching an interview with sprinter Shakari Richardson, who won the 100 meters at the 2021 U.S. Olympic Trials. He was subsequently suspended for failing a marijuana test and was unable to compete in the Tokyo Games. Richardson said he learned his biological mother had died just before the competition, and she began to self-medicate. The story resonated with Ohanian, who lost his mother when he started on Reddit.
“At that moment, I was like, wow, I can relate to this person so much,” Ohanian said. “I thought, ‘She can smoke as much pot as she wants. She had a serious problem.’ That day she decided right away, ‘I’m a fan.’ It felt like ”
Ohanian immersed himself in the online culture of athletics. He considered track to be an “elegant, simple and wonderful” sport, easy to understand and exciting to watch.
“At one point I thought, wait, this is the same as women’s soccer,” Ohanian said. “I thought, ‘Why is this a sport that people only care about once every four years in America?'” That makes no sense. ”
Ohanian received Thomas’ email from soccer player Midge Peirce, whose company is producing a documentary. Peirce overlapped with Thomas at Harvard University. When Ohanian was considering his own event, he saw Thomas as “the perfect partner to start with.”
Thomas became a global star in track and field after winning the 200 meters in an incredible time of 21.61 seconds at the 2021 U.S. Olympic Trials. He won a bronze medal in the 200 meters and a silver medal in the 4×100 relay at the Tokyo Games. At last year’s world championships in Budapest, Thomas, who will miss the 2022 world championships due to a torn hamstring, won silver in the 200 meters and gold in the relay.
Although Thomas has not won an individual gold medal at a major world championship, he will compete at the U.S. Olympic Trials in June and will likely compete at the Paris Olympics as one of the U.S. team’s biggest stars.
Ohanian told her, “If you’re excited about what we’re doing, it’s going to work.”
Thomas has been outspoken about his ambitions to grow athletics and has been honest in his criticism of athletics decision-makers. At a USOPC media event last week, she revealed that Diamond League had signed a U.S. rights deal with FloTrack, an unknown streaming service that charges viewers much more than its previous broadcast partner Peacock. “It’s a complete setback,” he said. He also urged USA Track and Field to consider more diverse and accessible venues than Oregon for major events.
“I’m really excited to see what I can do in track and field,” Thomas said Tuesday. “I have high hopes for our sport. I think we have something special here.”
Seven Seven Six plans to broadcast the event, but did not share. Ohanian said the one-day event will feature a packed infield with fans, musical performances between races to provide entertainment, and a disc jockey to beat the beat to encourage the second-place runners as they cross the finish line. I’m imagining the atmosphere of the party. “Bring that Coachella-like energy,” Ohanian said.
Ohanian has no concrete plans beyond the September invitation, but did not rule out the idea of eventually starting a league or tour.
“I’m not a small thinker,” Ohanian says. “We’re trying to be ambitious here, one thing at a time. If this works out the way I think it will and if people show up and show action the way I know how. This won’t be the last time, if people show up like I think. [a league or a tour] I think it’s a great idea. ”
