The National Women’s Hockey League announced Thursday it had added enough financial backing after a two-month capital campaign to ensure its viability beyond its fifth season this year.
The league declined to reveal specifics in noting its number of private investors has grown beyond 20 with the addition of insurance and technology entrepreneur Andy Scurto. In 2017, Scurto sold his firm for $160 million.
“This infusion of capital from Andy Scurto and our partners who believe in the power and value of professional women’s hockey is another important milestone for the NWHL, our players, supporters and fans,” NWHL Commissioner and founder Dani Rylan said. “This provides us with long-term viability.”
The league is a little over a month into its season with teams in Boston, Buffalo, New York, Connecticut, Minnesota and New Jersey.
The NWHL was able to add investors despite losing the backing of a majority of the world’s top players in the offseason. In May, more than 200 players – including members of the U.S. and Canadian national teams – pledged not to compete in North America this season following the collapse of the Canadian Women’s Hockey League. The players formed the Professional Women’s Hockey Players’ Association to push for establishing a league with what they said needed to have a viable, sustainable economic model.
The Buffalo Sabres relinquished ownership of the NWHL Buffalo Beauts, while the New Jersey Devils ended their agreement with the NWHL’s Metropolitan Riveters.
In September, Rylan vowed her league wasn’t going anywhere, and added the NWHL was proving it could be viable without the NHL.
The league said the new funding will be directed toward building the league’s infrastructure, enhancing player development and attracting more investors, including team owners. Two months ago, Miles Arnone led a group of investors to purchase the Boston Pride.
Arnone said the focus on infrastructure and adding owners will eventually lead to an increase in player salaries. The NWHL no longer reveals its salary scale, though players can now earn a bump in pay through a newly introduced 50-50 split of sponsorship and media right revenue.
In September, the NWHL announced players had already earned a 26% pay increase based on new agreements reached over the summer.