The PWHL has announced the league’s first outside investors. Kilmer Sports Ventures and Ilitch Companies, parent company of Ilitch Sports + Entertainment, have joined the league as investors. The league did not disclose financial terms of the investments.
Per the league’s press release, the investment “brings in two accomplished sports ownership groups with deep roots in PWHL markets to capitalize on the league’s continued growth and momentum.”
Kilmer Sports Ventures and Ilitch Companies join Mark and Kimbra Walter as the league focuses on planning for the long-term.
“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 Mark Walter in a press release. “[The new investors] bring tremendous experience in professional hockey and a deep commitment to women’s sports, and they share our vision for the future as we continue growing the league.”
Kilmer Sports Ventures
Kilmer Sports Ventures is a Toronto-based investment firm operated by president Ivan Gazidis and led by Larry Tanenbaum. The group owns and operates the WNBA’s Toronto Tempo. Additional investments include Maple Leaf Sports and Entertainment, parent company of numerous professional and developmental sports teams in Toronto. Additionally, the group owns France’s Saint-Étienne.
“Building world-class women’s sports organizations that inspire the next generation of athletes, fans, and leaders is how you create something that truly lasts,” said Tanenbaum in a press release. “We saw that opportunity first with the Tempo… we’re proud to deepen that commitment through this significant investment in the PWHL.”
Reports from The Canadian Press indicate Larry Tanenbaum’s investment in the PWHL is $100 million.
Ilitch Companies
Ilitch Companies is a Detroit-based company led by CEO Chris Ilitch. He also helped to introduce PWHL Detroit’s first-ever selection at the draft last week.
Ilitch Sports + Entertainment, under the Ilitch Companies umbrella, operates both the NHL’s Detroit Red Wings and MLB’s Detroit Tigers. The larger group also operates other businesses including Little Caesars, Ocean Casino Resort and MotorCity Casino Hotel. The company has operated since 1959 and, according to Forbes, saw $5.1 billion in revenue in 2025.
“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,” said Ilitch. “Our organization has long believed in the power of hockey to bring communities together and open doors for the next generation. From supporting youth and amateur hockey for nearly 60 years to investing in the future of women’s professional hockey, we are proud to help advance the game at every level.”
What it means & why it matters
On the surface, these new investors won’t mean any immediate change for the PWHL. The Walters, along with the PWHL Advisory Board, will continue to oversee league operations and strategic direction. At this point, all teams continue to be owned by the league. As the Associated Press’s John Wawrow reports, the league is not yet turning a profit, so the new investors won’t translate to higher player salaries, at least not yet.
Nonetheless, this is important. The PWHL is entering its first season with 12 teams – including four new expansion markets. As the league continues to grow – sometimes exponentially – there absolutely needs to be more money coming in. More teams means more revenue, but it also means more salaries to pay, more travel to book, more equipment to buy, etc. With growth comes necessary costs, and someone’s got to foot the bill.
It’s also just generally a good business idea to have multiple investors in a league like this. Don’t put all your eggs in one basket, as they say.
Having a single investor (ie., the Walters) means relying exclusively on them, in the good times and the bad. It also means that your entire league could theoretically fall apart if that single investor falls through or loses their own funds. (We all know how stable the U.S. economy is these days, right?) Having multiple investors not only means more support, but it also generally makes the whole operation more sustainable.
Overall, this is good news for the PWHL and for women’s sports at large. The new investors represent the value of the league and its growth; they wouldn’t be putting money into the PWHL if they thought it wasn’t going to succeed. Additionally, having two outside investors on board could bring in more outside investors, if the league is amenable to such opportunities.
Although the immediate effects may not be visible, the new investments will bring good things to the PWHL, its teams and players in the long run.
