The PWHL is expanding to 12 teams and bringing in outside investors after just three seasons, with founders and primary financial backers Mark and Kimbra Walter still holding the center of power over the league’s operations. The league has yet to turn a profit, but its business model is being sold as validated by fan support, rising sales and the confidence of investors moving in on the action.
Who Holds the Levers
PWHL executive Stan Kasten said the goal had always been to begin taking on outside investors once the league doubled in size to 12 teams, though he and others did not expect to reach that point after only three seasons. “We thought we’d get there in Year 10 or 12,” said the 74-year-old Kasten, whose resume includes executive roles with teams in major league baseball, the NBA and NHL. “And here we are after two-and-a-half years. It’s extraordinary.”
Kasten said the league’s fast-paced growth reflects surges in attendance, sales and viewership, particularly after the U.S. won gold at the Milan Cortina Games. He said the league’s upward trajectory so far belies concerns that it is taking on too much, too soon. “I want to hear the case for going slower. I can’t imagine it,” Kasten told The Associated Press.
The league’s structure is headed by founders and primary financial backers Mark and Kimbra Walter, who work together with the PWHL’s advisory board in overseeing operations. Walter committed hundreds of millions of dollars to launch the six-team league in June 2023 by reaching a deal with the then-Professional Women’s Hockey Players’ Association and buying out the assets of the rival Premier Hockey Federation. The PWHPA featured the world’s top players, including a majority of members of the U.S. and Canadian national teams.
Who Pays for the Expansion
Though the PWHL has yet to turn a profit, Kasten said its expansion plan and business model are validated by fan support and by the confidence of the business community, with the Detroit-based Ilitch Cos. and Toronto-based Kilmer Sports Ventures coming on board as the first outside investors. With new teams in Detroit, San Jose, Las Vegas and Hamilton, Ontario, the PWHL has ambitious plans for Year 4 and beyond.
Discussions include hosting an All-Star game, playing an outdoor game and adding games in Europe. The league’s average attendance last season of 9,304 represented a 28% jump over 2024-25 and up 71% from its first season. Merchandise sales doubled last year. And the league’s viewership on YouTube rose by 77%, with more than a third representing new viewers.
With the Canadian Press reporting Kilmer’s stake being $100 million, the addition of partners essentially represents an early buy-in for the two investors. The Ilitch family previously expressed interest in purchasing a franchise during the PWHL’s first expansion phase in adding Vancouver and Seattle a year ago.
What They Call Growth
Outside observers also backed the fast-paced growth approach. Jane McManus, a New York University professor at the Tisch Institute for Global Sport and author of the book, ‘The Fast Track: Inside the Surging Business of Women’s Sports.‘, said, “Would you tell a men’s league to go slow if they saw a real upside in a developing market? You just wouldn’t.” She added, “I’ve seen it firsthand,” referring to being part of the sell-out crowd attending a PWHL game at Madison Square Garden in April. “You’d never tell somebody to put a cap on that if it’s happening on the men’s side.”
McManus credited the PWHL for moving quickly in a coast-to-coast expansion as a way to stake its claim and guard against the possibility of competing leagues in women’s hockey. Another key, she said, was the league having a single-entity ownership model in centralizing planning decisions. She said the foundation was in place to establish a top league and draw international talent from Europe.
University of Colorado-Denver professor Sarah Fields, whose specialty is the history of women’s professional sports teams, said the coming years will determine whether the PWHL is on the right track, but she is encouraged by what she has seen. “Give credit to the Walters because they took a big swing. And it looks like they’re going to have great success,” Fields said. “If I had the kind of money to invest that the Walters do, I’d do the same thing. I think this is a pretty good bet.”
Montreal Victoire forward and PWHL Players Association president Laura Stacey said she trusted PWHL leadership in determining the pace of expansion. “If they’ve done this and made it this incredible in three years, then I trust that four more (teams) is exactly what we need,” Stacey said at the league’s awards ceremonies in Detroit last week. “People are thriving and really want to be a part of this sport and this movement. I think we’re ready for it.”
McManus projected the PWHL to be in position to one day begin selling off its franchises to private ownership with six-figure returns. By comparison, WNBA teams 10 years ago were valued at about $25 million each, before recently making a drastic jump. The Golden State Valkyries are now estimated to be worth $1 billion.
“I hope Mark Walter gets absolutely filthy rich, even richer than he is now because of putting his money in this league,” McManus said. “I hope he sells those franchises off in like five years for $500 million each.”