Olympics draw new investments to niche sports and women’s teams

The 2024 Paris Olympics are attracting new funds for lesser-known sports and women’s teams, with USA women’s rugby sevens, water polo and women’s track and field scoring major contributions this year.

The USA women’s rugby sevens team earned a $4 million gift from investor Michele Kang earlier this week. Rapper and reality TV personality Flavor Flav threw his support behind water polo, and Alexis Ohanian, the husband of tennis superstar Serena Williams and the co-founder of Reddit, is investing in women’s track and field.

“Niche sports often don’t get the spotlight they deserve, but they are packed with incredible talent and heart,” Flavor Flav said in announcing his support for water polo in July.

Flavor Flav announced a five-year partnership with USA water polo, which includes funds for the 2024 USA women’s team as well as serving as the “official hype man” for both the men’s and women’s teams. The size of his contribution wasn’t disclosed.

He pledged to his support after player Maggie Steffens posted on Instagram that she and her teammates often have to work a second or third job in order to compete, given that water polo doesn’t garner as much attention as other sports.

The USA women’s water polo team has won gold for the past three Olympics, and Flavor Flav aims to elevate their visibility. The partnership includes his commitment to boosting USA water polo on social media, beyond cheering poolside.

Kang’s contribution to women’s sevens rugby will span four years, providing resources for players and coaching staff ahead of the 2028 Summer Olympics in Los Angeles.

Kang, who founded Kynisca Sports for the advancement of women’s athletics globally, said that 2024 has been a “banner year” for women’s sports with record-breaking engagement. As sponsors and networks increasingly recognize the value of women’s sports, she said that now is the time to invest in them.

The support comes after the women’s rugby sevens team won bronze, collecting the first Olympic medal for the United States in rugby sevens, among both the men’s and women’s teams. They also set a new record for a women’s rugby event, with 66,000 fans packed into Stade de France, according to World Rugby.

“This Eagles team, led by players like Ilona Maher and co-captains Lauren Doyle and Naya Tapper, has captivated millions of new fans, bringing unprecedented attention to the sport,” Kang said in the announcement.

Maher told CNBC this week that without a strong performance at the Games, the team may not have survived.

“Our coach said to us if we don’t win a medal, we might not have a program next year, and so that really stuck with me, those words, and so we delivered,” Maher said.

Ohanian already co-own’s a women’s soccer club, and he told CNBC’s “Squawk Box” this week that he aims to extend the popularity of women’s track and field beyond its Olympics peak.

He announced in April that his venture capital firm will host a competition in late September with the largest ever prize pool for a women’s track and field event. Ohanian is doubling the stakes of the Paris Games with a $30,000 top prize.

“Nothing about this is charity nor should it be charity,” Ohanian said. “This is about excellence, about celebrating it.”

— CNBC’s Jessica Golden, Kasey O’Brien and Nicolas Vega contributed to this report.

Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.