The Professional Women’s Hockey League has reached a new landmark in its rapid growth, bringing on two well-known North American sports ownership groups as its first-ever outside investors — a move league officials say underscores the bright future of women’s hockey.
The league announced Monday that Detroit-based Ilitch Companies and Toronto-based Kilmer Sports Ventures, backed by Larry Tanenbaum, are joining as strategic partners.
Both groups have extensive experience owning and operating multiple professional sports franchises, and their involvement brings significant financial resources, business relationships, and industry influence to a league that has grown from six teams to twelve since its founding in June 2023.
PWHL advisory board member Stan Kasten called the development a powerful statement to the broader sports world. “This 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,” he told The Associated Press.
Kasten added that the significance goes beyond the money itself. “These are serious, long-time experienced sports investors, and they are telling the world what they think about us. And that says much more than just them writing a check.”
The league’s existing leadership structure will remain unchanged. Founder and primary financial backer Mark Walter, along with co-founder Kimbra Walter and the PWHL’s advisory board, will continue running operations. The new partners will contribute expertise, connections, and perspective.
“Kimbra 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,” said Walter, whose portfolio of sports holdings includes a Major League Baseball team and an NBA franchise.
Kasten noted that bringing on investors is happening sooner than originally planned, and said the timing is ideal heading into Season 4, particularly given the surge in interest following the Milan Cortina Games. U.S. viewership numbers climbed sharply after Team USA, led by Hilary Knight, captured a gold medal in February. The league also expanded last month by adding four new franchises in Detroit, Las Vegas, San Jose, and Hamilton, Ontario.
“I want to hear the case for going slower, but I can’t imagine it,” Kasten said. “The reception of fans, of sponsors and other willing partners has allowed us to go faster.”
The Ilitch family’s sports holdings include NHL and MLB franchises. Their involvement with the PWHL was already visible last week, when the league held its awards ceremony and draft in Detroit with broad participation from Ilitch Companies staff.
“The PWHL’s rise has been one of the most compelling stories in professional sports, and we are proud to be part of that story,” said company CEO Chris Ilitch. “Investing in the PWHL means an opportunity to broaden the game’s reach, connect with new fans, and create pathways for athletes for generations to come.”
Tanenbaum serves as chairman emeritus and holds a personal stake in a sports and entertainment company whose properties include NHL and NBA teams. His Kilmer Sports group owns a WNBA franchise in Toronto and a professional soccer club in France.
“What Mark Walter and PWHL senior leadership have built so quickly is incredible, and we’re honored to be part of this league and everything it stands for,” Tanenbaum said.
Despite the new investment, players should not expect immediate pay increases. Kasten explained that the league has not yet turned a profit on the hundreds of millions of dollars already poured in by Walter.
“When we are making money, that would be a great day for me and for the players,” Kasten said. “We’re not there yet. I hope this gets us closer.”
The PWHL made history by becoming the first professional women’s league to launch with a collective bargaining agreement already in place, which runs through 2031. Last season, ten of the league’s 194 players earned more than $100,000, while the minimum salary stood at just over $37,000, according to the PWHL Players Association.
The league launched on January 1, 2024, with Toronto hosting the opening game at a 2,500-seat arena. Within five months, the Toronto franchise had moved to a venue with more than 8,500 seats — and had already sold out a regular-season game at a 19,200-capacity arena. Average attendance last season reached 9,304, a 28% increase over the prior year. The league’s corporate partnership roster also grew to 81 companies, up from just over 50 the previous season.
With twelve teams now in place, the PWHL is considered better positioned to land a U.S. national broadcast deal. Last season, games aired on ION through Scripps Sports, reaching approximately 126 million American households. The league is also expected to pursue improved broadcast arrangements in Canada once its current deals expire after next season, with one possibility being an enhanced agreement with CBC.
When asked about future broadcast plans, Kasten simply said, “stay tuned.”
Reflecting on how far the league has come, Kasten recalled the uncertainty at the start. “We didn’t know what we had. We didn’t have venues. We didn’t have cities. We didn’t have logos,” he said. “We 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.”
