Marc Lasry’s Avenue Sports Fund has reached an agreement to invest $40 million into NWSL club North Carolina Courage at a $155 million pre-money valuation. The deal does not include a path to control, according to multiple people familiar with the deal who were not authorized to speak publicly because the details are private.
Representatives for Lasry and the NWSL declined to comment on the agreement. The Courage did not immediately respond to a request for comment. The transaction still needs NWSL approval.
The move comes less than two years after the billionaire signed a letter of intent to buy a control stake in the Courage from owner Steve Malik at a roughly $108 million valuation, Sportico previously reported.
The deal never closed, with Avenue citing “NWSL restrictions for private equity investment as a control owner in teams.”
Those concerns are believed to be much smaller this time around, with Avenue now taking an LP stake in the club.
Lasry, who is worth $2.2 billion, according to Forbes, had previously expressed interest in buying the Seattle Reign and Angel City FC. Seattle was sold in 2024 for $58 million to MLS’ Seattle Sounders and investment firm Carlyle Group. Months later, Willow Bay and Bob Iger bought control of Angel City at a $250 million valuation.
NWSL team valuations have exploded in recent years. Angel City and the San Diego Wave started play in 2022 after paying $2 million expansion fees. In November, Atlanta was awarded the NWSL’s 17th team for a $165 million fee and will start play in 2028.
The Courage were founded in 2017 after Malik acquired the Western New York Flash and moved the club to North Carolina. The team won the 2018 and 2019 NWSL championships. In 2021, Malik added a half-dozen minority investors, including four-time Grand Slam champion Naomi Osaka. In 2022, the Courage raised $15 million at a $66 million valuation.
In 2025, North Carolina ranked No. 11 in attendance at 7,684 fans per game, but the average was up an NWSL-leading 21%.
Lasry and his sister Sonia Gardner founded private equity firm Avenue Capital Group in 1995. It manages $9.8 billion in assets. In 2023, Lasry launched a dedicated sports fund after he sold his 25% stake in the Bucks at a $3.2 billion valuation. The Avenue Sports Fund closed in October with more than $1 billion in commitments.
The fund has already invested in multiple sports properties, including TGL’s Bay Golf Club, PGA Tour Enterprises, MLB’s Baltimore Orioles, English soccer club Ipswich Town FC and the United States SailGP Team.
The 2026 NWSL season kicks off next week.