The Professional Women’s Hockey League is set to maintain its current ownership structure without any intentions of being sold. Stan Kasten, part of the PWHL advisory board, affirmed that the governance of the 12-team league would remain unchanged, despite co-founder Mark Walter divesting portions of his sports holdings amidst U.S. federal probes into loans involving his insurance firms and businesses with ties to him.
Kasten, in a statement relayed by the PWHL, emphasized that there were no anticipated alterations to the league’s ownership. The commitment to fostering a sustainable league with a long-term vision remains steadfast since its inception.
Walter, a prominent billionaire based in Chicago, holds interests in various professional sports franchises through TWG Global Holdings, including the Los Angeles Dodgers, Los Angeles Lakers, Los Angeles Sparks, Chelsea FC, and Cadillac F1 team. Recent reports suggest that Walter’s enterprises are under scrutiny in tax fraud investigations by U.S. federal agencies, to which he is cooperating.
In a significant development, Walter reportedly struck a monumental deal to sell the NBA’s Los Angeles Lakers for a record sum of $12.5 billion US to Josh Kushner and Bob Iger. The sale, pending approval from the NBA’s board of governors, follows Walter’s acquisition of a controlling stake in the franchise from the Buss family last year.
Regarding potential investigations into Walter’s activities, inquiries were redirected to regional securities commissions by the Canadian Securities Administrators when queried. The PWHL operates with two subsidiaries based in Canada, situated in Toronto and Vancouver respectively.
The PWHL welcomed external investment from Toronto-based Kilmer Sports Ventures and Detroit-based Ilitch Sports and Entertainment in June, marking the first such involvement from outside parties. The league’s co-founding by Mark Walter and his wife Kimbra Walter in 2022 led to the establishment of a women’s hockey league in collaboration with the Professional Women’s Hockey Players Association and Billie Jean King Enterprises.
With continued expansion plans, the PWHL announced new franchises in Hamilton, Detroit, San Jose, and Las Vegas. These additions, alongside existing Canadian teams, signify a robust growth trajectory for the league. Kasten expressed enthusiasm for the league’s progress and future prospects, emphasizing a positive outlook for the PWHL’s evolution.
Furthermore, Kasten addressed speculations surrounding the Los Angeles Dodgers’ ownership, dispelling rumors of a potential sale. He affirmed the franchise’s stability and reiterated a focused approach on achieving success. Walter’s involvement in the Dodgers traces back to the Guggenheim Baseball Management’s acquisition in 2012, where he retains a 27% ownership stake in the reigning World Series champions.
