20VC: How a Angel City Makes $31M per Season | How Sports Teams Can and Should Be Better Businesses | Why Every Sports Team Will Look Like a Media Agency and Founding The Most Valuable Women's Sports Team with Alexis Ohanian
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 637 Ratings
🗓️ 7 August 2024
⏱️ 73 minutes
🧾️ Download transcript
Summary
Alexis Ohanian is the Founder and General Partner of Seven Seven Six, an early-stage venture capital firm with $970M AUM. Prior to 776, Alexis was the Co-Founder of Initialized, one of the most successful early-stage firms in history with their first fund returning 56x DPI. Before Initialized, Alexis was a Partner at the world-famous Y Combinator and before that was one of the Co-Founders of Reddit.
In Today's Discussion with Alexis Ohanian We Touch On:
1. $31M in Revenue: The P&L of a Sports Team:
- What are the core revenue drivers for Angel City Football Team?
- How did Alexis convince Tony @ Doordash to write the largest-ever brand sponsorship check to have the Doordash name on the Angel City shirt?
- How much money does Angel City make from ticket sales per year?
- What does the revenue from merchandise look like for Angel City? How has it changed with time?
2. How to Spend $31M Annually To Run a Team:
- What are the single biggest costs in running a sports team?
- Does Alexis believe that salary caps are good or bad for leagues?
- How much money is spent by clubs on content and software today? How should that change?
3. More Cash in Sports Than Ever:
- Prices for teams are at an all-time high. Are we in a bubble for sports assets?
- What remains under-priced and what is over-priced today?
- What are the pros and cons of private equity entering sports ownership in a meaningful way?
- Who is the worst sports team owner who despite his mismanagement, still made billions?
4. Alexis Ohanian: AMA:
- How did Alexis and Serena William's children become millionaires through sports team ownership?
- How did Alexis turn a $10,000 check into $17.1M?
- How did a $10,000 check into a shoe company make Alexis $7M?
- Why does Alexis believe that sports becomes even more valuable in a world of AI?
Transcript
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| 0:00.0 | And if you can't show me a sport where the highlights go viral on social media, the freest market of ideas that has ever existed in the world, you might have some stuff missing. |
| 0:07.9 | And so part of the job of a club is to then tell the story of our players every minute they're not on the pitch. |
| 0:15.1 | Those are brandable opportunities. |
| 0:16.5 | If you're not relentless every day as an athlete, trying to improve yourself, trying to get better, |
| 0:22.1 | you're going to be left behind. The teams around and that are supporting these athletes need to |
| 0:27.0 | have that same mindset. You are listening to 20 VC with me, Harry Stebbings, and today we have a |
| 0:31.2 | very different show as we pull back in the curtain on what it is like to own, manage and finance |
| 0:36.9 | a sports team today. |
| 0:38.5 | There is no better person to join us in the hot seat than Alexis O'Hanian. |
| 0:42.1 | The thing I love about Alexis is I think he sees the future so much before anyone else. |
| 0:47.8 | He is the person who saw before anyone the rise in potential in women's football as the founder |
| 0:53.3 | and founding investor in Angel City, |
| 0:55.7 | now the most valuable women's sports team in the world. Outside of Angel City, Alexis is the founder |
| 1:01.0 | and general partner of 776, an early stage venture firm with $970 million in assets. Prior to |
| 1:08.2 | 776, Alexis was the co-founder of Initialized. Now check this out. |
| 1:12.7 | Initialized have one of the most successful early stage firms in history with their first fund |
| 1:17.9 | returning 56x DPI. That's 56X cash. That is incredible. But before we dive into the show today, HMC or Harvard Management Company, |
| 1:30.4 | they're constantly seeking out the next generation of truly great investors and entrepreneurs. |
| 1:35.3 | HMC has managed Harvard University's endowment for nearly 50 years and was one of the first |
| 1:40.4 | institutional investors in venture capital. Their experience and long-term investment horizon |
| 1:45.2 | make them ideal partners to get world-changing ideas on a path to viability and success. They work as a |
| 1:51.4 | true partner, providing insightful perspectives to help managers succeed. I personally have had the |
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