In a significant move for women’s sports, Toronto businessman Larry Tanenbaum has announced a major investment in the Professional Women’s Hockey League (PWHL). Through his company, Kilmer Sports Ventures, Tanenbaum, alongside the Detroit-based Ilitch Companies, has committed a staggering US$100 million to support the league’s development. This marks the first time outside investors have entered the PWHL since its inception in 2023.
A New Era for Women’s Hockey
The partnership was unveiled on Monday, with both Kilmer Sports Ventures and Ilitch Companies taking on advisory roles rather than operational management. Tanenbaum 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 highlighted the importance of building premier women’s sports organisations that inspire future athletes and leaders.
This investment follows the foundational support provided by Mark and Kimbra Walter through the Mark Walter Group, who have underpinned the league’s establishment and ongoing funding. Mark Walter, a prominent figure in professional sports as the owner of teams such as the Los Angeles Dodgers and the Lakers, has played a crucial role in the PWHL’s rapid growth.
Strengthening Women’s Sports
Tanebaum, who also owns the WNBA’s Toronto Tempo and holds a minority stake in Maple Leaf Sports & Entertainment, sees this investment as a continuation of his dedication to women’s sports. “We saw that opportunity first with the Tempo, Canada’s first WNBA team, and now we’re proud to deepen that commitment through this significant investment in the PWHL,” he remarked, praising the league’s swift progress.
The Tempo has ambitious plans for the future, recently announcing the development of their first dedicated performance centre in Toronto, set to open in 2028. This facility will not only serve as a training hub for the team but also engage the local community through various grassroots programmes.
Expanding the League
The Ilitch Companies, which owns the NHL’s Detroit Red Wings and MLB’s Detroit Tigers, also expressed their excitement about joining the PWHL. CEO Chris Ilitch stated, “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.” He emphasised the potential to expand hockey’s reach, attract new fans, and create opportunities for future generations of athletes.
Recently, the PWHL announced the addition of new franchises in Detroit, Hamilton, Las Vegas, and San Jose, bringing the league’s total to 12 teams by the 2026-27 season. The league is also seeing impressive growth in its sponsorship portfolio, which has increased by 35 per cent year-over-year, while e-commerce merchandise sales have surged by over 50 per cent. On social media, the league has garnered more than 682 million impressions, highlighting a rising profile.
Why it Matters
The influx of investment into the PWHL signifies a pivotal moment in the evolution of women’s sports, particularly in hockey. As the league continues to gain traction, it not only promises to elevate the status of women’s hockey but also opens doors for aspiring athletes and broader community engagement. This financial backing reinforces the idea that women’s sports are not just a niche market but a burgeoning sector with immense potential for growth and sustainability. The commitment from influential figures like Tanenbaum and the Ilitch Companies sets a precedent for other investors and may inspire similar initiatives across various sports disciplines, paving the way for a more equitable future in athletics.