EXCLUSIVE: Kasten Says PWHL Plan "Unchanged," No Mention of Mark Walter Investigation
- Erica L. Ayala
- 16 hours ago
- 9 min read
As the namesake of the PWHL championship trophy, Mark Walter faces a federal investigation; league Advisory Board Member Stan Kasten remains optimistic.
“This is such a thrilling time to be part of the PWHL, or, more importantly, to be a fan,” Kasten said in a statement provided to Black Rosie Media via text message Thursday night.
“The future of the league is bright, and our ownership is incredibly proud of both the progress we’ve made so far, as well as our future,” he added.
With the league now three seasons in, expanding to 12 teams, its principal owner Mark Walter is facing a federal investigation into his insurance companies.
I asked the PWHL two questions: where does that original 10-year plan stand today after three seasons, and has the investigation affected it?
Here’s the full league response:
We continue to operate with the same long-term outlook and commitment to building a sustainable league that we had when we launched. This is such a thrilling time to be part of the PWHL, or, more importantly, to be a fan. We remain a startup, but we never thought we would be at 12 teams after just three seasons. The future of the league is bright, and our ownership is incredibly proud of both the progress we've made so far, as well as our future
What the statement confirms: Kasten reaffirms that the original long-term business plan hasn't changed course, and frames the league's growth — eight teams to a planned 12 in three seasons — as ahead of ownership's own internal expectations.
What it doesn't address: The statement offers no insight into whether three years of ticket sales, merchandise, and local broadcast deals have adjusted, for better or worse, the 10-year projections.
The statement is about what I expected. As Rachel Donner and I discussed on the last episode of At Even Strength, this is somewhat of a cloud hanging over the PWHL offseason.
Rachel even wondered if the lack of news on the upcoming season is because of the federal probe.
“I do wonder if some of this news is delaying other news that the league is wanting to put out there, whether it's expansion team names, whether it's a schedule... Could they be putting some things off because they don't want to be opening themselves to questions about this Walter organization stuff in media availabilities around it?" -Rachel Donner, At Even Strength Podcast - August 15, 2026
It’s an understandable question, but for me, it’s exactly why the league should address the issue head-on.
"I don't think it's reasonable to expect, from what we know of the PWHL leadership structure, the PWHL leadership to answer questions that the owners are not giving or are not willing to give ... I would say just get it out of the way." -Erica L. Ayala, At Even Strength Podcast - August 15, 2026
Kasten also doesn’t mention the federal investigation into Walter, Guggenheim Partners, or his insurers, Delaware Life and Clear Spring, nor does it directly answer whether that investigation has had — or could have — any bearing on league funding, expansion timelines, or ownership structure.
Again, about what I expected. However, these questions and clarifications remain fair game.
Is Single Ownership a Liability?
The PWHL's ownership structure — all 12 teams held directly by Walter, with no independent board of governors, commissioner, or bylaws separate from him — means the league's financial health is tied to one individual's personal legal and financial standing.
On the latest episode of At Even Strength, Rachel and I have run through what we know, what we don’t know, and what questions we have given the latest news about The Walter Group.
"There's about sixteen billion dollars being considered here in terms of what regulations are around securities. The U.S. Attorney's Office is looking into it. There were some grand jury subpoenas earlier this year into subsidiaries of the Walter Group in terms of the insurance aspect of the business. Bloomberg reported that the FBI executed at least one search as it pertains to these investigations." -Rachel Donner, At Even Strength Podcast - August 1, 2026
The ability for the ownership group to remain invested has come into question as The Walter Group has made moves to sell the Los Angeles Lakers to Josh Kushner and Bob Iger for a reported $12.5 billion.
The pending investigation seems like an opportune time to revisit the single-ownership model. Should things go south for Walter and his companies, the burgeoning league could be collateral damage.
“It's hard to say (if) PWHL money is involved or not involved... But that being said, it is one entity. And so, something that affects the overarching organization is going to affect everything within the organization,” Rachel noted.
PWHL Players Expressing No Fear
Despite the federal probe and pending sale, the PWHL isn’t expecting a changing of the guard anytime soon. The league told The Hockey News there is “absolutely no expected change to ownership of PWHL."
That includes Walter and newly added strategic investors Kilmer Sports Ventures and Ilitch Companies, parent company of Ilitch Sports + Entertainment. According to the league’s June 22 announcement, this is the first outside investment since the league launched in 2023.
“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,” Walter said in the release.
According to NBC News, players have not reached out with any concerns about the future of the league.
"There’s not much stress about it,” the agent, who requested to remain anonymous, said. “I have not had one player call or text about Mark Walter,” a second agent also stated.
The same second agent also didn't think Walter would sell off the league, given its rapid growth, calling this moment the “tip of the iceberg”, the agent told NBC News. The second anonymous agent estimated PWHL franchises would be valued between $50 million and $100 million. Black Rosie Media reached out to the PWHL Players Association (PWHLPA) for comment on the investigation. As of publication, we have not received a response, but will update this story if one is provided.
With selling the Lakers for a profit of $2.5 billion, and cutting another $6.5 billion in other businesses, would Walter opt to hold on to the league likely making – and costing – a fraction of other properties in his sports portfolio?
A case could likely be made either way.
The buy-in price of Kilmer Sports Ventures was $100 million, according to Sportico. The article did not disclose the buy-in for Ilitch Companies.
Both investments have been listed as strategic partnerships, and it is unclear if the strategic partnerships might be an on ramp to ownership down the line.
“As we continue building the PWHL for the long term, we’re thrilled to welcome Kilmer Sports Ventures and Ilitch Companies as partners. They bring tremendous experience in professional hockey and a deep commitment to women’s sports, and they share our vision for the future as we continue growing the league," Walter said in the league press release annopuncing the new partnerships.
All signs point to an ongoing commitment to women’s hockey. This is reassuring news for fans, players, and the future of the women’s league that was built to stand strong where other leagues faltered.
However, priorities change. Such is the case with Walter and the Los Angeles Lakers.
A Recent History of Walking Back Investments
Mark Walter purchased a majority stake in the MNBA franchise last October for $10 billion.
“The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness,” he said in the official league release.
“Few teams carry the legacy and global influence of the Lakers, and it’s a privilege to work alongside Jeanie Buss as we maintain that excellence and set the standard for success in this new era, both on and off the court," Walter added.
“Over the past decade, I have come to know Mark well—first as a businessman, then as a friend and now as a colleague,” Jeanie Buss said on behalf of the family that has owned a controlling stake of Southern California franchise since 1979.
ESPN reporter Ramona Shelburne described the move as progress, saying now the team where legends like Kobe Bryant, Magic Johnson, and most recently LeBron James called home would “finally be run like a real business."
From mom-and-pop to a modern approach, the move signaled progress.
“He has demonstrated time and time again his commitment to bringing championships to Los Angeles, and, on behalf of Lakers fans everywhere, I am beyond excited about what our future has in store,” Buss said last October.
Less than 12 months later, Walter is selling his share for a reported $2.5 billion profit.
“Owning the Los Angeles Lakers has been one of the great honors of my life -- an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family," Walter's departing statement read, according to ESPN.
It is very plausible that Walter’s 180-degree turnaround in 10 months is due to the investigations. He has also reportedly attempted to cash out the local broadcast rights for the Lakers and Los Angeles Dodgers.
All the more reason the questions about the PWHL’s future are worth asking.
Lessons from the WNBA: What happens when an owner's priorities shift away from women’s sports?
Women’s sports have seen owners who were once willing, if not eager, to get into women’s sports change their tune before.
The Cleveland Rockers shut down in 2003 around the same moment the Cavaliers were preparing to draft a hot shot straight out of high school.
As current Minnesota Lynx head coach Cheryl Reeve put it in my original reporting for The Athletic,
“This guy LeBron James was coming out (of high school) and going to be in the league. And Gordon Gund, who was the owner at the time, basically decided it was time for him to get out,” the former Rockers assistant coach said in 2021.
“Somehow it’s about getting your books together, and the WNBA team, the little that it costs to operate us, somehow was a factor” she added.
By 2004, the Houston Comets — the four-time WNBA champions — were also on the chopping block for similar reasons.
“The Rockets were the big business,” Thompson said on the Knuckleheads podcast in July 2020.
“He needed his entire staff to focus on the Rockets. So he decided that he didn’t want to do the Comets anymore, … and they couldn’t find someone to buy it in time, so the franchise basically folded.”
While the situation in Cleveland and Houston were single teams and not leagues, they speak to what happens when priorities change and an owner's women’s sports investments are no longer seen as a worthy investment.
The impact for players, staff, and fans can be disorienting, and something women’s hockey fans know all too well.
When the Canadian Women’s Hockey League (CWHL) folded in 2019, and again when the Premier Hockey Federation (PHF) was acquired and dismantled by Walter, the women’s hockey community grieved for the past and questioned the future.
Both cases underline the same point: one owner controls a team's survival and its exit options, that owner's priorities elsewhere can end it regardless of success.
Undeniable Growth, Questionable Ownership
Although marred in questions about its solvency by association, the PWHL has undoubtedly propelled women's hockey to heights never seen before.
Here are noteworthy highlights from a news release at the conclusion of Season 3:
The PWHL has surpassed 1 million fans in single-season attendance
Year 2 of the Takeover Tour brought in 200,000 fans across 16 neutral sites
2025-26 average attendance hit 9,394, a 71% increase from Season 1
Live game viewership on YouTube jump 77% in an Olympic year
Investment from partners is up 35% year-over-year for the league
In other words, everyone is watching women's hockey and investment is following. Like other women's sports, women's hockey viewership and exposure is finally catching up with the quality of the competition.
Also like other women's sports, and despite the success of the athletes, factors off the ice or the hardwood can impact whether or not a league survives.
Therefore, the PWHL's lack of an independent board of governors remains a structural risk worth watching. So too are the ongoing developments of investigations into Walter’s dealings elsewhere.
"Why are we talking about this? Because again, Mark Walter and the Mark Walter group are directly associated with the Professional Women's Hockey League. In fact, until recently they were the sole investor... As the financials go for the Mark Walter group, so go the financials for the PWHL." -Erica L. Ayala, At Even Strength Podcast - August 15, 2026
This is a developing story — we'll update as the PWHLPA responds and new details emerge. Subscribe to the At Even Strength podcast and our new newsletter to stay ahead of it. EDITOR'S NOTE: An earlier version of this story suggested the league, not individual teams, would be valued at $50 to $100 million, per NBC News. The story has been edited to accurately reflect the primary reporting from NBC News.
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