Source: ‘No expected ownership change’ in PWHL despite Mark Walter investigation
Mark Walter has been in the headlines recently, and not in a good light. However, that doesn’t seem to be affecting one of the fastest-rising leagues in sports.
Walter, chairman and CEO of TWG Global, is reportedly under federal investigation into financial fraud involving $21 billion in undisclosed related-party loans. Those loans are in relation to four insurance companies in which Walter owns, including Delaware Life Insurance Company and affiliate Clear Spring Life and Annuity, both of which received grand jury subpoenas in February. DLIC was trying to cut $6.5 billion in payments and loans to other companies owned and operated by Walter.
With the investigation ongoing, Walter made the stunning decision to sell his share of the NBA’s Los Angeles Lakers, in which he’d had a minority stake since 2021, before purchasing the historic franchise from the Buss family last year at a then-record $10 billion valuation. Walter flipped his shares to former Disney CEO Bob Iger and Thrive Capital founder Joshua Kushner for $12.5 billion.
On top of that, Walter, who famously owns the MLB’s Los Angeles Dodgers, has been in active discussions to sell his shares in English Premier League club Chelsea FC, which could fetch north of £5 billion.
With that, there has been concern about whether Walter’s other big property, the Professional Women’s Hockey League, could be on the chopping block as well.
However, a league spokesperson told Daily Faceoff that there are no planned changes at the top of PWHL operations.
“Absolutely no expected change to ownership of PWHL,” the spokesperson said.
Mark Walter and his wife, Kimbra, had been sole owners of the league from its inception in 2023 through this past season. Then, in June, Ilitch Companies and Kimber Sports Ventures joined the league as investors, with Sportico reporting that the investment from the entities, run by the Ilitch family and Larry Tanenbaum, is more than $100 million. The league is still operated by the Walters, as well as the PWHL Advisory Board.
This isn’t the first time Walter’s investments have come under scrutiny. His investment firm holds major shares in GEO Group, a private organization that operates U.S. Immigration and Customs Enforcement (ICE) detention centers, along with forming tech partnerships tied to tracking immigrants. This came to light in January after two citizens in the Twin Cities of Minneapolis and St. Paul, Minn., Renee Good and Alex Pretti, were shot and killed by ICE agents, leading to both NHL and PWHL players speaking out about the tensions in the area.
The PWHL started its inaugural season in 2024 as a six-team operation, but quickly added two more teams – the Vancouver Goldeneyes and Seattle Torrent – prior to its third season. Now, thanks to rapid growth in popularity, the PWHL added teams in Detroit, Hamilton, Las Vegas and San Jose, giving the organization 12 teams ahead of the 2026-27 campaign.
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