The Professional Women's Hockey League (PWHL) is riding a wave of unprecedented momentum following the thrilling gold medal game between the United States and Canada at the 2026 Milan Winter Olympics, which drew record-breaking viewership across North America. The U.S. team's 2-1 overtime victory not only capped a dominant performance but also spotlighted the growing viability of women's professional hockey, with the PWHL positioning itself as the central stage for the sport's stars.
Since its launch in January 2024, the PWHL has expanded to eight teams and attracted a surge in fans, sponsors, and media attention. The league, privately funded by billionaire Mark Walter—co-founder and CEO of Guggenheim Partners and owner of stakes in the Los Angeles Dodgers, Lakers, Sparks, and Andretti Global—has overcome the financial pitfalls that doomed previous women's hockey ventures. Walter also enlisted tennis icon Billie Jean King and her partner Ilana Kloss to the advisory board, adding star power to the operation.
"Every Olympic year, there would be some boost in excitement and interest around the women's game," said Jayna Hefford, the PWHL's executive vice president of hockey operations and a five-time Olympic medalist with Team Canada. "When I think about where we are now, it's sort of exponential from that." Hefford's perspective underscores how the 2026 Games amplified an already budding interest, building on the historical dominance of U.S. and Canadian teams in the sport, which debuted at the Olympics in 1998. Canada has claimed five golds, while the U.S. has secured three, including the latest triumph in Milan.
Past attempts at professional women's hockey leagues in North America faltered amid funding shortages and low player salaries, contrasting with the support structures in other women's sports like the WNBA, backed by the NBA, or the NWSL. In 2019, top players boycotted existing leagues to demand better resources, highlighting the instability. The PWHL's arrival in 2023 marked a shift, announced in August of that year with its inaugural game on New Year's Day 2024.
The league's preparation for the Olympics paid dividends. When rosters were revealed, 61 of the PWHL's approximately 184 players earned national team spots, with 39 participating in the gold medal showdown. "We understood it was going to put a camera on our league, unlike anything else," said Stan Kasten, president and CEO of the Los Angeles Dodgers and a PWHL advisory board member. The league ramped up operations in Milan, securing facilities, extra staff, and opportunities to engage sponsors and media.
"Right then, we talked about it: it's going to require extra budget, it's going to require extra people, let's get a facility in Milan and prepare to take sponsors, investors, and a world of assembled media who are all seeing the foremost women's hockey league in the world for the first time," Kasten recounted. He described the Olympics as a "launch pad for our next wave of interest," noting that outcomes exceeded even optimistic projections from the league's inception.
Post-Olympics, the PWHL's arenas buzzed with energy. On February 27, a game in Seattle sold out Climate Pledge Arena, drawing a U.S. record 17,335 fans—the third attendance milestone of the season. The first post-Olympic weekend shattered league records with 49,343 attendees across games. Through 71 games in the 2025-2026 season, total attendance reached 616,795, averaging 8,687 per game—a 20% jump from the prior year.
Commercial metrics soared too. February merchandise sales doubled, up 101% from pre-Olympics levels. YouTube video views, the primary broadcast platform, surged 200% during the Games period. Website traffic multiplied sixfold, with 73% from new users. "It's great to see the numbers today, but the hard work actually starts now," said Amy Scheer, PWHL executive vice president of business operations and a 2026 CNBC Changemaker alongside Hefford. "We've got these fans, we've got these new followers, we've got this attention, now what do we do with it?"
Scheer is steering the league toward lucrative media and sponsorship deals. With over 75 corporate partners, including a recent alliance with Oak View Group for expanded opportunities, the PWHL inked a broadcasting agreement with Scripps Sports in March. This will air the Walter Cup Finals on Ion, the league's first linear U.S. network exposure, following a nationally televised game on March 28. Negotiations for next season's media rights are underway, though details remain confidential.
The "Takeover Tour" strategy, which schedules games in non-home markets to test demand and fill larger venues, exemplifies the league's ambition. On Saturday, the New York Sirens will face the Seattle Torrent at Madison Square Garden—a sellout for over 18,000 seats—despite the Sirens' usual home at Newark's Prudential Center. Similarly, the Boston Fleet versus Montreal Victoire at TD Garden on April 11 is sold out, accommodating more than 17,800 fans.
Scheer noted that previous Takeover events drew crowds where up to 60% of attendees had never visited an NHL game in those venues, informing expansion plans for up to four new teams next season. "The list of cities that want us is as long as any list you could have," Kasten said. Challenges include securing dates in oversized arenas, now preferred over smaller 5,000-6,000-seat facilities, amid competition from NHL teams.
Financially, the PWHL is progressing toward sustainability. Kasten reported that expenses have outpaced projections each season, but revenue growth has kept pace, narrowing the deficit as planned. A collective bargaining agreement (CBA) with players extends through 2031, with profitability targeted by then. Average salaries stand at about $55,000 per the CBA, and players, led by association president Laura Stacey, are advocating for increases alongside improved facilities during expansion.
There are no immediate plans to sell teams to individual owners, but discussions about new investors are emerging as interest in women's sports investments grows. Hefford, who played in and commissioned prior leagues, emphasized the PWHL's uniqueness. "It's much different than anything that's ever existed before, and people understand that," she said. She highlighted a budding loyalty to PWHL teams and communities, shifting from the national team-centric focus of the past.
For players like Stacey, a two-time Olympic gold medalist with Canada who also competed in Beijing 2022, the league transforms the sport's rhythm. Returning from those Games, she grappled with the four-year Olympic cycle's uncertainties. "You come back, it's like, 'What's next? Where do I go? Do I keep going for another four years?'" she recalled. Now, with year-round professional play, "The fact that now we get to play all year long, every single year in an incredible league, and then every four years, players who are at the top of their game get a chance to represent their countries at the Olympics and then come back and still have this professional league behind them, it's just incredible."
Challenges persist. The league seeks greater visibility, as PWHL scores aren't featured on ESPN's app or site. Scheer is pressing sponsors to commit financially, moving beyond awareness. Initiatives to boost girls' hockey participation continue, though more is needed to cultivate future talent and fans. Stacey acknowledged the progress: "We've had every version [of a league], and they all have not worked out for many various reasons until now. But none of that was even close to where we're at now." She stressed the collective duty to strengthen the league for the long haul.
As the PWHL eyes profitability and expansion, the Olympic glow signals a potential turning point for women's hockey. With sold-out spectacles in iconic arenas and a pipeline of international stars, the league is not just surviving but thriving, poised to redefine professional opportunities in the sport.