Toronto businessman Larry Tanenbaum is once again stepping up to champion women’s sports, this time through a significant investment in the Professional Women’s Hockey League (PWHL). His firm, Kilmer Sports Ventures, has joined forces with the Detroit-based Ilitch Companies, marking a new chapter for the league as they officially become strategic partners. The partnership was announced on Monday, with reports indicating that Kilmer has injected a remarkable US$100 million into the league, making it the first significant external investment since the PWHL’s inception in 2023.
A New Era for Women’s Hockey
Tanenbaum, a noted figure in Canadian sports, expressed his enthusiasm for the investment, stating, “Hockey is in our DNA as Canadians, and that passion brought us to the PWHL as its first Canadian investor.” He emphasised the importance of building sustainable women’s sports organisations that can inspire future generations of athletes and fans alike.
This investment joins the foundational support provided by Mark and Kimbra Walter, whose Mark Walter Group has been instrumental in the league’s growth since its launch. Mark Walter is also known as the owner of several high-profile sports franchises, including the Los Angeles Dodgers and the Los Angeles Lakers.
The PWHL has seen rapid expansion and interest, with recent announcements of new franchises in cities like Detroit, Hamilton, Las Vegas, and San Jose, bringing the total number of teams to 12 for the 2026-27 season. However, Tanenbaum and Ilitch are not purchasing stakes in individual teams; instead, they will adopt advisory roles within the league’s existing structure.
Building on a Strong Foundation
The investment aligns with Kilmer’s existing commitment to women’s sports, notably through Tanenbaum’s role as founder and owner of the WNBA’s Toronto Tempo. The Tempo is on the verge of establishing a dedicated performance centre at Exhibition Place, set to open in 2028. This facility will not only serve as a training hub for the Tempo but will also engage with the community through various development programmes.
Chris Ilitch, CEO of Ilitch Companies, echoed Tanenbaum’s sentiments, stating, “The PWHL’s rise has been one of the most compelling stories in professional sports, and we are proud to be part of that story.” Ilitch highlighted the role of hockey in fostering community connections and creating opportunities for future athletes.
Stan Kasten, co-owner and president of the Dodgers and a member of the PWHL’s advisory board, praised the involvement of Tanenbaum and Ilitch, noting that their participation signals strong growth potential for the league. He asserted, “This is so much more than just writing a cheque… it’s a clear signal to the marketplace that we are well-established and growing.”
The Financial Impact
The PWHL has reported impressive financial growth, with sponsorship portfolios increasing by 35% year-over-year, e-commerce merchandise sales jumping by over 50%, and social media channels generating more than 682 million impressions. The league’s approach, centred on a single-entity ownership model, has been pivotal in its swift expansion, avoiding the complications that often arise from multiple owners with differing agendas.
Kasten elaborated on this strategy, stating, “We don’t have any of those things to slow us down, and so it has enabled us to grow this fast.” This rapid expansion is not only a testament to the league’s appeal but also reflects the increasing popularity and recognition of women’s hockey on a global scale.
Why it Matters
The introduction of Tanenbaum and Ilitch as strategic partners marks a significant milestone for the PWHL, reinforcing its commitment to fostering women’s hockey at a professional level. This investment not only enhances the league’s financial stability but also signals a growing recognition of the importance of women’s sports in the broader athletic landscape. As the PWHL continues to expand and inspire, it paves the way for future generations of female athletes, ensuring that women’s hockey receives the spotlight it rightfully deserves. The investment represents a vital step towards building a sustainable and inclusive sporting environment that champions equality and excellence in athletics.
