The Professional Women’s Hockey League has experienced rapid growth since dropping the puck in 2024. New teams, growing attendance, and increased investment have helped establish the PWHL as a legitimate professional sports league. However, a recent financial filing involving league owner Mark Walter has raised questions about what happens when the financial interests of an owner become connected to the assets of the league itself.
In June, PWHL Holdings pledged several of the league’s trademarks as collateral for a loan from HPS Investment Partners, a lender owned by BlackRock. The collateral reportedly includes the PWHL name, its “W” logo, and the name of the league’s official podcast, Jocks in Jills.[1] The move comes as Walter and companies connected to him face increased financial and legal scrutiny.
What Does It Mean to Use a Trademark as Collateral?
Trademarks are intellectual property, but they are also valuable business assets. Like other assets, they can be used as collateral to secure a loan. If the borrower defaults, the lender may have rights in the collateral securing that debt.
For a professional sports league, trademarks can be particularly valuable. The PWHL name and logo appear on merchandise, broadcasts, sponsorships, and other league products. As the league continues to grow, so does the value associated with its brand.
Using intellectual property as collateral is not necessarily unusual or a sign that the PWHL is in immediate financial trouble. However, there could be consequences if the borrower eventually defaults on the loan.[2] The PWHL has pushed back against speculation that the filing signals an ownership change, stating that there is “absolutely no expected change to ownership of PWHL.”[3]
Why the Timing Matters
The filing is attracting attention largely because of what is happening elsewhere in Walter’s business portfolio.
Walter and several companies connected to him are currently facing a proposed class-action lawsuit filed in federal court in Florida. The lawsuit alleges that Walter-related companies failed to disclose a federal investigation to customers and improperly directed policyholder money toward companies connected to Walter.[4]
The scrutiny continued this week. On October 6, Bloomberg reported that Dan Towriss, the CEO of Walter’s Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., told federal prosecutors that he was unaware the insurers had loaned more than $20 billion to Walter’s other businesses. Towriss reportedly made similar statements to Delaware insurance regulators.[5] Federal prosecutors and securities regulators have been investigating transactions involving Walter’s insurance companies and other businesses. Walter’s companies have denied wrongdoing and said they are cooperating with investigators.[6]
None of this means the PWHL is in trouble or that a change in ownership is coming. Still, the continued scrutiny surrounding Walter’s broader business interests makes the decision to use PWHL intellectual property as collateral more noteworthy.
A Bigger Question About PWHL Ownership
To me, the more interesting issue is what this says about the PWHL’s ownership structure.
Walter and his wife, Kimbra, provided the financial support that helped launch the league. That backing gave the PWHL something women’s professional hockey had struggled to maintain in the past: significant and stable financial support.
The league is now beginning to diversify. In June, the PWHL announced its first outside investments from Kilmer Sports Ventures and Ilitch Companies.[7] While Mark and Kimbra Walter remain controlling owners, bringing in outside investors could become increasingly important as the league continues to expand.
The trademark filing does not mean that fans should expect the PWHL logo to suddenly belong to a lender or that the league is in immediate danger. It does, however, show how closely the PWHL remains connected to Walter’s broader financial interests.
The PWHL has spent only a few years building brands that fans are beginning to identify with. Those names and logos now have enough value to serve as financial assets. In one sense, that is evidence of how far the league has come. At the same time, it raises an important question for its future: as the PWHL continues to grow, should its most important assets remain so closely tied to the finances of one controlling owner?
Sources
[1] Ian Kennedy, What Does Mark Walter’s Use of PWHL Trademarks as Collateral, And a New Class-Action Lawsuit Facing the PWHL Owner Mean, The Hockey News (Sept. 24, 2026).
[2] Id.
[3] Id.
[4] Id.
[5] Zachary R. Mider & Ava Benny-Morrison, Walter’s Insurance CEO Told DOJ He Was Unaware of Boss’s Loans, Bloomberg (Oct. 6, 2026).
[6] Id.
[7] Professional Women’s Hockey League, PWHL Announces First Outside Investments from Kilmer Sports Ventures and Ilitch Companies (June 22, 2026).
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