Stan Kasten, a member of the advisory board of the Professional Women’s Hockey League (PWHL), has confirmed that there are no current plans to alter the ownership structure or sell the league. Despite recent developments involving co-founder Mark Walter selling parts of his sports portfolio amid federal investigations, Kasten assured that the governance of the 12-team league would remain unaltered.
Walter, a prominent Chicago-based billionaire with ownership stakes in various sports teams under TWG Global Holdings, is currently facing scrutiny from U.S. federal prosecutors and the Securities and Exchange Commission regarding potential tax fraud. Notably, he recently agreed to a significant sale of the NBA’s Los Angeles Lakers to Josh Kushner and Bob Iger for a record-breaking $12.5 billion. However, the sale is pending approval by the NBA’s board of governors.
The PWHL, which operates with subsidiaries in Toronto and Vancouver, welcomed its first external investors, Kilmer Sports Ventures and Ilitch Sports and Entertainment, in June. Kilmer reportedly invested $100 million in the league. Walter, along with his wife Kimbra Walter, established the PWHL in 2022 through the Mark Walter Group, entering a partnership to create a six-team women’s hockey league. The league’s championship trophy, the Walter Cup, is named in their honor.
Amidst recent expansions to Hamilton, Detroit, San Jose, and Las Vegas, the PWHL continues to grow rapidly, with all 12 teams being owned by the league itself. Kasten expressed optimism about the league’s future, emphasizing the progress made in just three seasons and the pride in the league’s ownership structure. Additionally, Kasten addressed speculation about the Los Angeles Dodgers, reassuring that the team is not up for sale and emphasizing the focus on achieving success on the field.
Walter’s involvement in the Dodgers dates back to Guggenheim Baseball Management’s purchase of the team in 2012 for $2.15 billion. With a 27% ownership stake in the reigning World Series champions, Walter remains a significant figure in the sports industry.