TORONTO – There are currently no plans to sell the Professional Women’s Hockey League (PWHL) or alter its ownership structure. Stan Kasten, a member of the PWHL’s advisory board, has confirmed that the governance of the league, which comprises 12 teams, will remain stable amidst ongoing scrutiny into the business dealings of co-founder Mark Walter. Walter is reportedly divesting parts of his sports empire following federal investigations related to tax fraud concerning loans between his insurance companies and other businesses linked to him.
Kasten stated, “There’s absolutely no expected change to ownership of the PWHL.” He emphasized the league's dedication to a long-term vision and commitment to sustainability, a stance maintained since its inception. Walter, a billionaire based in Chicago, holds stakes in several notable professional sports teams through TWG Global Holdings, which includes franchises such as Major League Baseball’s Los Angeles Dodgers and the National Basketball Association’s Los Angeles Lakers. He also owns the WNBA's Los Angeles Sparks, Chelsea FC of the English Premier League, and Cadillac F1 in Formula One racing.
Reports indicated in recent weeks that Walter's businesses are under investigation by U.S. federal prosecutors and the U.S. Securities and Exchange Commission. He is cooperating with these inquiries. Notably, Walter orchestrated a record-breaking sale of the Lakers to businessmen Josh Kushner and Bob Iger for $12.5 billion. This transaction, however, is pending approval from the NBA's board of governors.
The Canadian Securities Administrators were approached to determine if a similar investigation was underway in Canada, but they directed inquiries to regional securities commissions, which typically do not confirm the existence of an investigation. The PWHL operates two subsidiaries in Canada, one in Toronto and another in Vancouver. Spokespersons from the Ontario Securities Commission and British Columbia Securities Commission maintained that they cannot divulge details about ongoing investigations.
In June, Toronto-based Kilmer Sports Ventures and Detroit-based Ilitch Sports and Entertainment became the PWHL's first external investors. A source revealed that Kilmer’s investment amounted to $100 million, with both firms functioning in advisory rather than operational capacities. No further comments were received from either Kilmer or Ilitch regarding the PWHL's ownership or governance status.
Mark Walter, along with his wife Kimbra, co-founded the PWHL in 2022 by partnering with the Professional Women’s Hockey Players Association and Billie Jean King Enterprises to establish a six-team women’s hockey league. The league debuted its first season in 2024 and expanded to include two additional teams in its third season, set for 2025-26. The PWHL’s championship trophy is named the Walter Cup, in honor of the Walters.
In summer 2026, the PWHL announced plans to expand further, targeting cities such as Hamilton, Detroit, San Jose, and Las Vegas. The Hamilton franchise will become the fifth Canadian team, joining the Toronto Sceptres, Montreal Victoire, Ottawa Charge, and Vancouver Goldeneyes. Notably, all 12 teams remain solely owned by the league.
“This is such a thrilling time to be part of the PWHL, or, more importantly, to be a fan,” Kasten expressed. “We are still a startup, but we never imagined reaching 12 teams in just three seasons. The future of the league is bright, and our ownership is incredibly proud of both the progress we’ve made so far and our future.”
Kasten, who also serves as the president of the Los Angeles Dodgers, addressed speculation regarding the Dodgers' future, reassuring the public that the team is not for sale. He stated unequivocally that there are no ongoing processes to sell the franchise. Walter had previously been instrumental in the Dodgers’ acquisition, leading Guggenheim Baseball Management’s $2.15 billion purchase of the team in 2012, financed partly through assets linked to Guggenheim’s insurance operations. As of now, Walter holds a 27 percent stake in the reigning World Series champions.
