According to reports, Mark Walter and a pair of his companies are facing federal investigations, which have included grand jury subpoenas, as well as SEC and FBI involvement, for potential financial improprieties. Walter is the singular owner of the PWHL.
The PWHL is owned, along with all 12 teams, by Mark Walter. Walter invested to launch the league in 2023 as the lone financial backer, which in only three seasons has doubled in size. This offseason, the league also brought in their first outside investors who sank more than $100 million into joining the league as partners.
But now, the finances of Mark Walter, according to a report by Bloomberg, are facing scrutiny by U.S. prosecutors, as well as the Securities and Exchange Commission for potential financial improprieties. According to Bloomberg, two Walter-owned insurance companies received grand jury subpoenas earlier this year. Bloomberg also reported that the FBI executed at least one search in relation to the investigations.
The probe will look into two insurance companies owned by Mark Walter, as well as his Guggenheim Partners, where he is CEO.
The key component of the investigation is looking at Delaware Life Insurance Co. and Clear Spring Life and Annuity Co. The companies, like many insurers, invest the money paid by policy holders to ensure they can pay out and cover claims. But the investigation is looking at whether or not those companies invested directly into other Walter-owned companies and ventures.
Initial findings, according to Bloomberg, found that instead of the 3% ties of investments into Walter-tied companies from Delaware Life originally reported to regulators, the actual figure tied to companies connected to Walter turned out to be 39%, or the rough equivalent of $17 billion.
The two companies hold an estimated $85 billion in assets according to Bloomberg.
Could This Impact The PWHL?
Walter’s financial success has been widely tied to his ability to not only acquire sports teams and organizations, but to fund championship caliber teams.
This includes Walter’s $10 billion acquisition of the NBA’s Los Angeles Lakers in 2025.
MLB’s Los Angeles Dodgers spend more than any other Major League team with a payroll, including luxury taxes, exceeding $400 million, including eight players on more than $100 million total value contracts. This list is headlined by Shohei Ohtani’s 10-year, $700 million contract. According to Sportrac, the Dodgers have more than $2 billion in guaranteed contracts they’ll need to pay out eventually.
As for the PWHL, Walter’s total investment is unlikely to come close to even Ohtani’s contract, and due to the fact he owns the league singularly, there is reduced risk for what’s to come next, at least in terms of league governance.
Investigations like this seldom end up in court, and generally result in other penalties, regulatory action and fines. Still, if legal charges are laid against Mark Walter, it could create a situation within the NBA and MLB where owners, commissioners, and a board of governors may have decisions to make in regards to Walter's own role within the leagues.
The finances under investigation are the same finances responsible for funding the sporting ventures that Walter and the Guggenheim Partners are tied to.
In terms of the PWHL, the league has no independent or board oversight that is not 100% tied to Mark Walter. There no board of governors, no commissioner, and no bylaws governing ethical behaviour at any level. With Walter as the singular owner of the league, the only risk is that Walter may choose to sell franchises sooner than expected, or have his own financial abilities impacted.
Walter received investments in June from Kilmer Sports Ventures, headed by Toronto businessperson Larry Tanenbaum, and Ilitch Companies headed by Chris Ilitch in Detroit. It’s uncertain if either investor was aware of the ongoing investigations into Walter and his companies. The timing of those investment announcements came June 22, only four days before June 26 filings were submitted in the investigation.
Tanenbaum’s Kilmer Sports Venture was reported to have invested $100 million USD into the PWHL, while no figure was reported for the Ilitch investment.
PWHL advisory board member Stan Kasten said the investments are “for funding continued operations” of the league, although no specifics were given, nor what role either investment group would have beyond advisory, not operational roles.
Until the outcome of the investigation is known, it’s impossible to speculate what, if any, impact it could have on the PWHL or the league’s ability to attract future outside investors, or to make crucial next steps in their own business plan such as engaging with a national American broadcaster following the 2026-27 season when the league’s current deals expire.
The Hockey News reached out to the PWHL for comment on the investigation. This story will be updated if a response is received.
