Former Milwaukee Bucks co-owner and billionaire Marc Lasry is no longer in talks to purchase a controlling stake in the North Carolina Courage, Lasry’s global investment fund, Avenue Sports, said in a statement.
In September, The Athletic reported that Lasry was negotiating with current owner Steve Malik for a 60 percent stake in the team, valued at around $108 million.
Avenue Sports cited league restrictions around private equity investment as to why the talks fell apart. Sportico first reported the news.
“We will not be moving forward with our planned investment in the Courage because of NWSL restrictions for private equity investment as a control owner in teams,” Avenue Sports said. “Commissioner (Jessica) Berman, the NWSL, and the Courage ownership including Steve Malik have been fantastic partners and we will continue to seek opportunities to invest in the teams and players across this incredible league.”
Sources with the Courage and the NWSL briefed on the matter confirmed to The Athletic that Lasry is no longer seeking ownership.
“Marc Lasry and his team have been great throughout this process, and it was clear from the beginning they believed in our vision and were interested in helping us build upon our unmatched on-field success, brand strength, and mission of community impact,” the Courage said in a statement. “The NWSL continues to grow at unprecedented rates, and we remain committed to providing our players, staff, and community with a best-in-class organization. As the most decorated club in league history and on the heels of a historic season in which we set several club attendance records, we are excited about what the future holds for the North Carolina Courage.”
The Courage most recently went through a funding round in August, raising $15 million and bringing in new investors including tennis players Naomi Osaka and Ons Jabeur.
Lasry sold his 25 percent stake in the Bucks in 2023 and tried to bid on a controlling stake in Angel City FC earlier this year. His firm, Avenue Capital Group, has been raising money in a fund aimed specifically at sports investment.
The Courage won the NWSL national championship in 2018 and 2019. In 2021, the team was involved in the Yates Report, which detailed allegations of sexual coercion and verbal abuse by Paul Riley, head coach at the time. The report also named Malik, showing evidence that former Portland Thorns owner Merritt Paulson had told Malik about the misconduct allegations while Riley coached the Thorns.
In 2024, the Courage had the lowest average attendance in the NWSL at 5,714, compared to the overall league average of 11,477.
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(Photo: Bryan Bedder / Sportico)
