Professional Women’s Hockey League not for sale as co-founder Walter is investigated

There are no plans to sell the Professional Women’s Hockey League or change its ownership structure in any way.

Stan Kasten, a member of the PWHL’s advisory board, confirmed that the governance of the 12-team league would remain stable even as co-founder Mark Walter appears to be selling off pieces of his sports empire amid U.S. federal investigations into loans between his insurance companies and businesses with ties to Walter.

In a statement provided by the PWHL, Kasten says there’s “absolutely no expected change to ownership of the PWHL,” as the league enters its third full season.

Multiple media outlets reported last month that Walter’s businesses are under scrutiny from both United States federal prosecutors and the U.S. Securities and Exchange Commission in tax fraud investigations. Walter is co-operating with the investigations.

Monday Morning Halfback: The PWHL’s missing trophy; could Félix Auger-Aliassime win the U.S. Open?

Walter agreed to a stunning sale of the NBA’s Los Angeles Lakers on Aug. 12 to businessmen Josh Kushner and Bob Iger for a record-breaking price of US$12.5-billion, according to a person familiar with the terms who spoke to The Associated Press on condition of anonymity. Walter bought a controlling stake in the franchise from the Buss family last year.

The PWHL announced this summer that it would expand to Hamilton, Detroit, San Jose and Las Vegas. The Hamilton franchise will be the fifth team in Canada, joining the Toronto Sceptres, Montreal Victoire, Ottawa Charge and Vancouver Goldeneyes.

When asked if it had opened a similar investigation of Walter, the Canadian Securities Administrators directed The Canadian Press to regional securities commissions.

Spokesmen for the Ontario Securities Commission and British Columbia Securities Commission both say that as a matter of policy they do not confirm or deny the existence of an investigation, and do not provide details of their investigations.

Toronto-based Kilmer Sports Ventures and Detroit-based Ilitch Sports and Entertainment became the first outside investors in the PWHL in June. A source told The Canadian Press at the time that Kilmer’s stake was US$100-million.

A spokeswoman for Kilmer offered no comment on the PWHL’s ownership situation or governance. Ilitch Sports and Entertainment did not immediately reply to a request for comment.

Kasten, who is also the president of the Los Angeles Dodgers, spoke to reporters on Friday to calm online speculation about the future of the Major League Baseball franchise, which is the crown jewel of Walter’s sports properties.

“The Dodgers are not being sold. They’re not for sale. There’s no process that has been started to sell it, period,” he told reporters on the field before the team’s game against Pittsburgh. “We are planning only to win.”

Walter led Guggenheim Baseball Management’s US$2.15-billion purchase of the Dodgers in 2012. The deal was financed in part with money from Guggenheim-linked insurance companies. Through GBM, he owns 27 per cent of the reigning World Series champions.

– With files from The Associated Press.