The is taking on two prominent names in North American sports as its first two investors in reaching a major milestone in the privately-backed league鈥檚 fast-rising trajectory, and representing yet another sign of women鈥檚 hockey鈥檚 promising future.
Coming on board as strategic partners are the Detroit-based Ilitch Companies, and the Larry Tanenbaum-backed , the league announced Monday.
The two multi-sports-team-owning groups bring a wealth of financial backing, business connections and influence to a 12-team league since being established in June of 2023.
鈥淭his is the clearest signal of validation to the marketplace, to the players, to other owners, to media companies that we are cementing our reputation as one of the fastest-growing sports properties in the world,鈥� PWHL advisory board member Stan Kasten told The Associated Press.
鈥淭hese are serious, long-time experienced sports investors, and they are telling the world what they think about us,鈥� he added 鈥淎nd that says much more than just them writing a check.鈥�
With the additions, the PWHL鈥檚 existing centralized structure will remain in place, headed by founder and primary financial backers Mark and Kimbra Walter. The Walters, together with the PWHL鈥檚 advisory board, will continue overseeing operations, with the new partners providing expertise, relationships and perspective, the league said.
鈥淜imbra and I are incredibly proud of what the PWHL has accomplished in a short time, and are excited about what it can achieve moving forward,鈥� said Walter, who鈥檚 holdings include .
Post-Olympic boost continues
Kasten said adding investors is well ahead of schedule, and deemed timely entering Season 4 to support the momentum the PWHL gained coming out of the Milan Cortina Games.
The league registered growth in nearly every metric last season, with U.S. numbers spiking further following the Hilary Knight-led in February. The league also expanded its North American footprint last month by adding teams in , Las Vegas, San Jose and Hamilton, Ontario.
鈥淚 want to hear the case for going slower, but I can鈥檛 imagine it,鈥� Kasten said. 鈥淭he reception of fans, of sponsors and other willing partners has allowed us to go faster.鈥�
The Ilitch family鈥檚 holdings include the NHL Red Wings and baseball鈥檚 Tigers. The Ilitch鈥檚 influence was apparent last week, with a wide range of company employees involved in Detroit hosting the PWHL鈥檚 awards .
鈥淭he PWHL鈥檚 rise has been one of the most compelling stories in professional sports, and we are proud to be part of that story,鈥� said company CEO Chris Ilitch. 鈥淚nvesting in the PWHL means an opportunity to broaden the game鈥檚 reach, connect with new fans, and create pathways for athletes for generations to come.”
Tanenbaum is chairman emeritus and maintains a personal stake in Maple Leaf Sports and Entertainment, whose properties include the NHL Maple Leafs and NBA鈥檚 Raptors. Meantime, Kilmer Sports owns the WNBA’s Toronto Tempo and France鈥檚 AS Saint-Etienne soccer team.
鈥淲hat Mark Walter and PWHL senior leadership have built so quickly is incredible, and we鈥檙e honored to be part of this league and everything it stands for,鈥� Tanenbaum said.
Salaries, for now, won’t increase
The financial injection will not immediately translate into pay raises for players, because the PWHL has yet to turn a profit on the hundreds of millions of dollars Walter has already invested, Kasten said.
鈥淲hen we are making money, that would be a great day for me and for the players,鈥� he said. 鈥淲e鈥檙e not there yet. I hope this gets us closer.鈥�
The PWHL became the first professional women’s league to open with a collective bargaining agreement in place, and running through 2031. Last season, 10 of 194 players had salaries topping $100,000, with the minimum at just over $37,000, according to the .
The PWHL has grown from a six-team league that , with Toronto hosting the inaugural game at the 2,500-seat Mattamy Athletic Centre. Within five months, Toronto had relocated to its current home, the 8,500-plus seat Coca-Cola Coliseum 鈥� and after enjoying a regular-season game sellout at the Maple Leafs鈥� 19,200-capacity home.
Last season鈥檚 average attendance of 9,304 represented a 28% jump over 2024-25. The league also grew its corporate partnership base to 81, up from just over 50 a year earlier.
Still seeking U.S. broadcast partner
With 12 teams, the league is better positioned to attract a U.S. national broadcast partner. Last season, , including the Walter Cup Finals, on ION, which reaches 126 million American households.
The PWHL is also poised to improve its existing broadcast deals in Canada once its current contracts expire after next season. One possibility is enhancing its agreement with CBC, with the national broadcaster ending its lengthy history of airing NHL games.
Kasten would only say, 鈥渟tay tuned.鈥�
鈥淲e didn’t know what we had,鈥� he added, reflecting on the PWHL’s launch.
鈥淲e didn’t have venues. We didn’t have cities. We didn’t have logos,鈥� Kasten said. 鈥淲e felt deeply that if we provided the environment for the greatest women’s hockey players in the world to do what they do, that there would be a market for them. And that has been demonstrated in countless ways over and over.鈥�
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