Alexis Ohanian is buying into Chelsea Women’s FC in a deal that values the club at more than £200 million ($265 million), Front Office Sports has learned.
Ohanian confirmed to FOS that he is investing in the club and will take a seat on its board. He declined to disclose the size of the stake he is buying or the price he is paying, although U.K. outlet The Times reported he’s purchasing a roughly 10% stake for about £20 million ($26.5 million). The deal values Chelsea at more than £200 million, a source familiar with the matter told FOS.
Ohanian, the cofounder of Reddit, is making the investment through his venture capital firm Seven Seven Six, and his business partner at the firm, Katelin Holloway, will be involved in the investment, the source said.
Ohanian told FOS his wife, tennis legend Serena Williams, is not involved in the investment.
“I’m bullish on English football and Chelsea is already an iconic club with a high integrity and remarkable president,” Ohanian told FOS via email, referring to Aki Mandhar, who was appointed in September.
“It was a very compelling opportunity and I’m excited to help them build their fan base here in the U.S. and beyond,” he said. “This team is special, these ladies have the MASSIVE trophy case to prove it!”
Ohanian has a point. Last weekend, Chelsea won a record-breaking sixth straight Women’s Super League title, and this upcoming weekend will compete for the FA Cup in a game against Manchester United at Wembley Stadium. This year, the team featured U.S. women’s national team defender Naomi Girma. Chelsea reportedly agreed to pay a record $1.1 million transfer fee to snag Girma.
Last spring, the Chelsea Women’s team was “repositioned” so that it “sits alongside, rather than beneath,” the men’s team, according to a statement. The idea was to give the women’s team “dedicated resources, management and commercial leadership” and attract new investment. The men’s Chelsea team plays in the Premier League. The women’s team is in a new independent entity that was created last year to run the Women’s Super League.
Ohanian was attracted to invest. The deal adds to an already significant portfolio of sports investments for him. He was previously the founding control owner of Angel City FC, which last summer was purchased by Disney CEO Bob Iger and his wife, Willow Bay, in a record $250 million deal. Ohanian clarified Wednesday that he did not sell Angel City, but instead agreed to have his shares diluted through the deal with Iger and Bay. He still maintains a stake in Angel City, although the exact size was not clear.
Ohanian’s sports portfolio also includes Los Angeles Golf Club, a team in TGL, the indoor golf league cofounded by Tiger Woods and Rory McIlroy, as well as all-women track and field meet series Athlos. His firm recently submitted a bid to get involved in the NFL’s planned flag football venture, a league spokesman confirmed to FOS last month.
The Women’s Super League did not immediately respond to a request for comment.
