PWHL And Outside Capital: Structure, Strategy, And What Comes Next

On June 22, 2026, Kilmer Sports Ventures and litch Companies became the first outside investment for the PWHL since its founding in 2023. Sportico reported that Kilmer invested $100 million USD, while litch’s contribution has not been disclosed.¹ Kilmer Sports Ventures is a specialized sports and entertainment investment division of Kilmer Group, which is a Toronto-based private equity and holding firm. In nominal terms, the transaction exceeds the WNBA’s $75 million USD 2022 league-level raise and is comparable to League One Volleyball’s $100 Million USD 2024 round, making it one of the largest disclosed financings of a North American women’s sports league.

The transaction and its structure

The PWHL characterized Kilmer and litch as “strategic partners,” rather than passive financial investors.² Kilmer Sports Ventures is led by Larry Tanenbaum, whose sports interests include the WNBA’s Toronto Tempo, AS Saint-Étienne, and an interest in Maple Leaf Sports & Entertainment, the parent of the NHL’s Toronto Maple Leafs, NBA’s Toronto Raptors, MLS’s Toronto FC, and CFL’s Toronto Argonauts.³ While litch controls a broader sports and entertainment platform that includes the Detroit Red Wings, Detroit Tigers, Little Caesars Arena, and real-estate operations. Both investors are looking to bring established real-estate and operational relationships that could have immediate implications for the PWHL.

While both the investors are localized to the Toronto and Detroit markets, this investment should not signify and franchisee model that the NBA, NHL, and MLB have adopted. The PWHL remains a single-entity league. Specifically, the central organization owns and operates the teams rather than licensing independently controlled franchises. Rather, the investment would appear to add Kilmer and litch to the ownership capitalization of the league or its holding structure. This distinction is important since investors participate in the economics of the league overall, instead of receiving only the local revenues and appreciation of one team.

Centralized control has supported the PWHL’s rollout as it allows the league to coordinate, scheduling, branding, sponsorship inventory, media production, and expansion, without negotiating separately with independent owners. Additionally, centralization facilitates the development of smaller markets as they may be supported by “stronger markets” while the league builds a national platform. However, the risk associated centralization is that local executives and minority investors may lose their authority to adapt pricing, marking, and sponsorship strategy to local markets.

The PWHL’s commercial position

The investment follows a strong trend of growth based on commercial indicators. During the 2025-2026 season, the PWHL drew roughly 1,116,500 spectators over a 120-game span, which is an average of 9,300 spectators.⁴ Furthermore, through 108 games, regular season ticket sales were increased in price by more than 70% from the prior season, while the scheduled games only increased by 30%.⁵ This underlying trend of growth pre-dates the investment, as the PWHL also set repeated United States women’s hockey attendance records, including a crowd of 18,006 at Madison Square Garden.

The PWHL’s commercial growth extends beyond attendance levels, as the league reports that its sponsorship portfolio also increased by 35% from the previous year, e-commerce merchandise sales rose by more than 50%, and generated over 682 million social-media impressions this year.⁶ In February 2026, the PWHL appointed Oak View Group’s Global Partnerships division as its exclusive sponsorship-sales partner for league and team inventory. With new investors, as part of the PWHL, brand relationships may strengthen the sales effort in both the Toronto market (i.e., Kilmer Group) and Detroit (i.e., litch).

How the investment may help the PWHL

Financing the transition from eight to twelve teams

The use of new capital is most likely to be used for the upcoming expansion during the 2026-2027 season. The PWHL has agreed to create four new local teams, for which they would need the necessary funds to hire coaches, staff, negotiate arena and practice facilities, market new teams, and support larger player and travel operations. Furthermore, the active player base is likely to increase from 194 player to 276, based on a 23-person roster. This growth would require working capital prior to season ticket sales, sponsorships, and merchandise receipts.

The increase in working capital will also reduce the league’s dependence on Mark and Kimbra Walters (i.e., the co-founders of the PWHL), who had provided both the foundational support and continued financing of the league. With the addition of two well-capitalized strategic groups, the league has diversified its funding risk and creates external validation on its commercialization plan. This also sets the precedent to make future lenders, sponsors, broadcasters, and arena partners more comfortable with the league’s long-term sustainability.

Creating a valuation benchmark and future financing pathways

The financing provides the PWHL with its first external market test. Even though the valuation remains confidential, management and existing owners now have a negotiated reference point for future capital raises, employee incentives, acquisitions, or team sales. Outside diligence by Kilmer and litch also gives third-parties an indirect assurance that sophisticated sports investors reviewed the business. This validation is especially important for a league whose financial statements are not publicly available.

The timing of the investment may also protect the league from raising capital due to distress. During similar circumstances the Unrivaled basketball league’s ownership group described the advantage of receiving capital when it is not urgently needed, rather than waiting until there is a liquidity issue.⁷ The PWHL entered this transaction after a record attendance year and commercial growth, therefore increasing their negotiating position. However, while the investment creates validation and financial liberty, it may create future issues.

Risks associated with the investment

Investor influence and conflicts

Strategic investors as described by the PWHL may expect commercial relationships with league properties. As both litch and Kilmer control the arena and services for both their respective city’s sports and entertainment franchises (i.e., Toronto and Detroit), these relationships could produce cross-promotion, bundled sponsorships, and operational savings. However, the relationship may also cause reasons for disputes on cost allocation, revenues, and corporate partners. As of yet, the PWHL has not disclosed how said conflicts would be reviewed or whether independent representation for minority investors, players, and stakeholders would be implemented. However, the Advisory Board has suggested that control will remain concentrated.⁸

The WNBA’s experience illustrates how a complicated ownership structure can later become difficult to unwind. Its 2022 financing left NBA owners, WNBA team owners and new investors with overlapping interests, and the league was reported considering expensive repurchasing of 16% investor stake four years later.⁹ Conversely, the PWHL may avoid the WNBA’s structural issues by establishing clear economic, voting, transfer, and exit rights before its cap table becomes overly crowded. Important, to note that public information is not readily available to determine whether these transaction documents already address these matters.

Conclusion

The PWHL's first round of outside financing, a reported $100 million USD investment from Kilmer Sports Ventures and litch Companies, marks a significant milestone, bringing excitement, long-term sustainability, and meaningful growth potential to the league. With these opportunities, however, comes added uncertainty about how the PWHL will manage its relationships with new investors, ownership groups, and sponsors. The investment has established a standardized valuation for the league, which could make it even more attractive to future outside capital. Still, only time will tell how the PWHL's centralized framework will put this funding to use and whether the league can sustain its momentum as it scales.

Footnotes

1. "PWHL Gets More Than $100M From Larry Tanenbaum, Ilitch Companies" (2026), online: Sportico.

2. "PWHL Announces First Outside Investments from Kilmer Sports Ventures and Ilitch Companies" (June 22, 2026), online: Professional Women's Hockey League.

3. Supra at note 1.

4. "PWHL Delivers Historic Growth in Third Regular Season with Playoffs Beginning Thursday, April 30" (April 28, 2026), online: Professional Women's Hockey League.

5. Ibid.

6. Supra at note 1.

7. "Unrivaled Closes Series B, Valuation Hits $340M" (September 8, 2025), online: Sports Business Journal.

8. Supra at note 1.

. "9 WNBA Exploring Buying Back 16% Stake Sold in 2022" (2026), online: Front Office Sport.

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