Alexis Ohanian, minority shareholder of Chelsea, expands his investment portfolio with a stake in professional women’s volleyball. His investment firm, Seven Seven Six, will lead the ownership group of the new professional team, LOVB Los Angeles Volleyball, as volleyball experiences rapid growth. Financial terms of the deal were not disclosed.

Ohanian’s investment in LOVB adds to his sports portfolio, which includes NWSL’s Angel City FC and TGL’s LA Golf Club. LOVB, founded in 2020, has secured media rights deals with ESPN and Versant, as well as high-profile sponsors like Skims. The league has raised over $160 million from investors.

Volleyball’s popularity is on the rise, with more than 479,000 girls participating in high school volleyball during the 2023-24 season, an all-time high. ESPN has reported record viewership for certain women’s volleyball games. LOVB’s inaugural season saw sold-out matches and merchandise sales exceeding $1 million.

Ohanian believes women’s sports present a significant business opportunity, with leagues and athletes receiving increased investment. His dedication to women’s sports extends to a stake in Chelsea FC women’s soccer and the founding of Athlos, a women’s track and field startup. His wife, Serena Williams, is also an investor in women’s sports leagues.

Read more at CNBC: Alexis Ohanian backs League One Volleyball