New outside investors, including Ilitch Cos. and Toronto-based Kilmer Sports Ventures, have committed capital to the Professional Women's Hockey League (PWHL), with projections from industry observers that primary financial backers could see returns of hundreds of millions of dollars from future franchise sales. This influx of capital arrives as the league, founded with hundreds of millions of dollars from Mark and Kimbra Walter, expands rapidly, leveraging the labor of players and growing fan engagement to build a new asset class for private ownership.
The Toronto-based Kilmer Sports Ventures has reportedly taken a $100 million stake, joining the Detroit-based Ilitch Cos. as the first outside investors in the league. PWHL executive Stan Kasten stated that the original goal was to begin taking on outside investors once the league reached 12 teams, a point he expected to reach in "Year 10 or 12," but has instead arrived after just two-and-a-half years.
Despite the PWHL having "yet to turn a profit," Kasten asserted that its expansion plan and business model are "validated" by both fan support and the "confidence of the business community." This confidence underpins the league's ambitious plans for its "third year" and beyond, including new teams in Detroit, San Jose, Las Vegas, and Hamilton, Ontario.
Capital's New Frontier
Jane McManus, a New York University professor at the Tisch Institute for Global Sport, explicitly articulated the profit motive driving this expansion, stating, “I hope Mark Walter gets absolutely filthy rich, even richer than he is now because of putting his money in this league.” McManus further projected, “I hope he sells those franchises off in like five years for $500 million each,” anticipating "six-figure returns" for private ownership.
The league's structure, headed by founders Mark and Kimbra Walter, operates under a single-entity ownership model, centralizing planning decisions. This model, according to McManus, is key to establishing a top league and guarding against competing leagues, ensuring consolidated control over the burgeoning market.
The initial launch of the six-team league in "June 2023" involved Mark Walter committing "hundreds of millions of dollars" to reach a deal with the then-Professional Women’s Hockey Players’ Association (PWHPA) and to buy out the assets of the rival Premier Hockey Federation. The PWHPA represented the world’s top players, including a majority of members of the U.S. and Canadian national teams.
The rapid expansion is fueled by metrics of fan engagement and player performance, which are then converted into market value. The league's average attendance last season reached 9,304, marking a 28% increase over 2024-25 and a 71% jump from its first season. Merchandise sales doubled last year, and viewership on YouTube rose by 77%, with over a third of viewers being new.
The Engine of Profit
University of Colorado-Denver professor Sarah Fields, whose specialty is the history of women’s professional sports teams, described the Walters' investment as a "big swing" that "looks like they’re going to have great success," calling it a "pretty good bet" for investors. This perspective highlights the commodification of women's sports as a lucrative avenue for capital accumulation.
Laura Stacey, a Montreal Victoire forward and president of the PWHL Players Association, expressed trust in the league's leadership regarding the pace of expansion. Stacey stated, “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,” adding, “People are thriving and really want to be a part of this sport and this movement. I think we’re ready for it.” This statement reflects the players' alignment with the league's growth trajectory, which simultaneously creates value for owners.
The potential for massive capital gains is underscored by comparisons to other women's sports leagues. WNBA teams, valued at approximately $25 million each "10 years ago," have recently seen a drastic jump, with the Golden State Valkyries now estimated to be worth $1 billion. This trajectory illustrates the escalating valuations and the potential for immense wealth extraction from professional sports franchises.
The "surges in attendance, sales and viewership," particularly after the U.S. won gold at the Milan Cortina Games, are presented as the justification for accelerated growth. Kasten dismissed concerns about expanding too quickly, stating, “I want to hear the case for going slower. I can’t imagine it.” This reflects the relentless drive for expansion inherent in the pursuit of capital.
McManus further reinforced this perspective, arguing against slowing growth in a developing market, stating, “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 cited firsthand experience at a sold-out PWHL game in Madison Square Garden "this year," emphasizing that such growth would "never" be capped on the men's side, normalizing the pursuit of maximum profit.