As PWHL owner Mark Walter faces a federal investigation and offloads the Lakers for a $2.5B profit, Advisory Board Member Stan Kasten tells Black Rosie Media the league's future is "bright." We break down what his statement confirms, what it leaves out, and why the PWHL's single-ownership model is a structural risk worth watching.

Erica L. Ayala and Rachel Donner open with the news that can't be ignored: the Mark Walter Group — majority owner of the PWHL — is under federal investigation for loan fraud, with the U.S. Attorney's Office and FBI both involved.