The Professional Women's Hockey League has added Ilitch Companies and Larry Tanenbaum's Kilmer Sports Ventures as its first strategic investors, a significant business step for a league that has already grown to 12 teams.
The PWHL announced the additions Monday, according to the Associated Press. Ilitch Companies is based in Detroit and is tied to major sports holdings including the NHL's Red Wings and MLB's Tigers. Kilmer Sports Ventures is based in Toronto and backed by Tanenbaum, whose sports interests include a personal stake in Maple Leaf Sports and Entertainment.
PWHL Keeps Centralized Structure
The investment does not change the league's centralized model. AP reported that founder and primary financial backer Mark Walter, Kimbra Walter and the PWHL advisory board will continue overseeing operations, with the new partners adding expertise, relationships and market influence rather than taking over individual teams.
That distinction matters because the PWHL has been built differently from most major North American leagues. It began as a single-entity operation, launched play on Jan. 1, 2024, and has moved quickly from proof of concept to expansion phase.
The growth has been unusually fast. The league was established in June 2023, started with six teams, and last month added franchises in Detroit, Las Vegas, San Jose and Hamilton, Ontario. AP reported that advisory board member Stan Kasten described the arrival of outside investors as ahead of schedule and tied to the momentum from Season 3 and the Milan Cortina Olympic cycle.
Attendance And Media Growth Back The Move
The league's business case is no longer theoretical. AP reported that PWHL average attendance last season was 9,304, a 28% increase over 2024-25. Its corporate partnership base rose to 81, up from just over 50 a year earlier.
The investor list also gives the league deeper connections in markets it already wants to grow. Detroit is now both an expansion market and the home base of Ilitch Companies. Tanenbaum's Kilmer Sports also owns the WNBA's Toronto Tempo and French soccer club AS Saint-Etienne, adding another women's sports and international-business angle to the PWHL's boardroom.
There is a financial caveat beneath the momentum. AP reported that the new investment will not immediately mean pay raises for players because the PWHL has not yet turned a profit after the hundreds of millions already invested by Walter. The league's collective bargaining agreement runs through 2031, and the PWHL Players Association said last season that 10 of 194 players had salaries above $100,000, with the minimum just over $37,000.
Broadcast rights are the next obvious business test. AP reported that Scripps Sports aired numerous games in the United States last season on ION, which reaches 126 million American households, while the league is seeking a national U.S. media partner and is positioned to revisit Canadian broadcast deals after current contracts expire following next season.
The practical read is straightforward: the PWHL is adding capital and experienced sports operators while keeping the structure that helped it launch quickly. That is not the same as declaring the league financially mature, but it is a clear sign that women's pro hockey has moved from startup urgency into a more serious growth phase.