The PWHL 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’s fast-rising trajectory, and representing yet another sign of women’s hockey’s promising future.

Coming on board as strategic partners are the Detroit-based Ilitch Companies, and the Larry Tanenbaum-backed Toronto-based Kilmer Sports Ventures, 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 that’s doubled in size since being established in June of 2023.

“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,” PWHL advisory board member Stan Kasten told The Associated Press.

“These are serious, long-time experienced sports investors, and they are telling the world what they think about us,” he added “And that says much more than just them writing a check.”

With the additions, the PWHL’s existing centralized structure will remain in place, headed by founder and primary financial backers Mark and Kimbra Walter. The Walters, together with the PWHL’s advisory board, will continue overseeing operations, with the new partners providing expertise, relationships and perspective, the league said.

“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, who’s holdings include baseball’s Dodgers and the NBA Lakers.

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 Team USA’s gold-medal victory in February. The league also expanded its North American footprint last month by adding teams 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 holdings include the NHL Red Wings and baseball’s Tigers. The Ilitch’s influence was apparent last week, with a wide range of company employees involved in Detroit hosting the PWHL’s awards and draft.

“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 is chairman emeritus and maintains a personal stake in Maple Leaf Sports and Entertainment, whose properties include the NHL Maple Leafs and NBA’s Raptors. Meantime, Kilmer Sports owns the WNBA's Toronto Tempo and France’s AS Saint-Etienne soccer team.

“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.

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.

“When we are making money, that would be a great day for me and for the players,” he said. “We’re not there yet. I hope this gets us closer.”

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 PWHL Players Association.

The PWHL has grown from a six-team league that launched on Jan. 1, 2024, 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 — and after enjoying a regular-season game sellout at the Maple Leafs’ 19,200-capacity home.

Last season’s 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, Scripps Sports aired numerous games, 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, “stay tuned.”

“We didn't know what we had,” he added, reflecting on the PWHL's launch.

“We didn't have venues. We didn't have cities. We didn't have logos,” Kasten 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.”

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