Billionaire Marc Lasry reportedly buying control stake in NWSL’s NC Courage

The GIST: Billionaire investor Marc Lasry has put his hat in the ring for NWSL ownership in the past, and he seems to finally have an in. An exclusive Sportico report indicates the former Milwaukee Bucks owner is close to finalizing a deal for a control stake of the NWSL’s NC Courage, which is currently valued at about $108M — more than double the team’s $52M valuation in 2023. Score.

The investor: The Moroccan-American businessman is a private equity investor and hedge fund manager who co-founded Avenue Capital Group with his sister, Sonia Gardner, in 1995. Worth a whopping $1.9B, Lasry bought a 25% stake in the NBA’s Bucks in 2014 for $550M, which he sold at a $3.5B valuation last April before launching the Avenue Sports Fund.

The details: Lasry has signed a letter of intent to purchase a 60% stake in the team from Courage owner Steve Malik. According to the document, Lasry would be the team’s principal owner in addition to owning a controlling stake.

• Lasry saw his Bucks stake value increase more than sixfold over nine years, and his newest acquisition could be on the same track. NWSL valuations have been skyrocketing: The San Diego Wave was valued at $90M last year and sold for a record $120M in March, while Angel City’s valuation hit a record $250M in July.

The background: While NC has one of the lowest revenue figures in the league, that also means there’s plenty of growth potential for Lasry’s investment. The Courage are still a young team — it launched in NC in 2017 — but have already won back-to-back championships.

• Malik added a half-dozen minority investors in 2021, including tennis ace Naomi Osaka. Two years later, fellow tennis player Ons Jabeur also became a part-owner of the team, while the Courage raised $15M at a reported $66M valuation.

Zooming out: Sportico notes that within the past four years, nearly every one of the NWSL’s 14 teams got a new principal governor. The frequent turnover in leadership and rapid expansion proves the NWSL is in its growth era, where new leadership often brings in fresh ideas and a good supply of capital — all of which multiplies these rising valuations. Easy money.