PWHL Adds First Outside Investors in Ilitch and Tanenbaum Groups

The PWHL announced Monday it has brought on its first outside investors since the league's founding in 2023. Kilmer Sports Ventures, led by Larry Tanenbaum, and Ilitch Companies, parent organization of the Detroit Red Wings and Tigers, are joining as strategic partners.

According to sportico.com, Kilmer Sports Ventures is injecting $100 million into the league. Financial terms, including the PWHL's valuation and each company's stake, were not disclosed. Ilitch Companies also invested, though the amount is unclear.

Mark and Kimbra Walter, who founded and solely funded the league through TWG Global, will continue overseeing operations with the PWHL's advisory board. The league's centralized single-entity structure remains in place, with all franchises owned by the Walters.

"Kimbra and I are incredibly proud of what the PWHL has accomplished in a short time and are excited about what it can achieve moving forward," Mark Walter said in the league's announcement. "As we continue building the PWHL for the long term, we're thrilled to welcome Kilmer Sports Ventures and Ilitch Companies as partners."

The investment comes as the PWHL prepares to expand to 12 teams next season, adding franchises in Detroit, Las Vegas, San Jose, and Hamilton, Ontario. The league has seen its sponsor portfolio rise 35% year over year, online merchandise sales climb over 50%, and total attendance cross 1.1 million fans during its third regular season.

Tanenbaum's Kilmer Sports Ventures is a Toronto-based private investment firm. Chris Ilitch leads Ilitch Companies, which also owns the Detroit Tigers. Both groups bring experience in professional hockey and multi-sport team ownership to the growing women's league.