January 1st, 2024, the puck drops onto the ice for the first time. New York beats Toronto 4-0. This game isn’t just any opener; it marks a historic and hopeful milestone for women’s sports with the inaugural season of the Professional Women’s Hockey League (PWHL). First announced in 2023, the PWHL aims to create a stable, long-term home for elite female hockey players. Toronto, one of the league’s six initial cities, is a particularly symbolic choice. As a city steeped in hockey traditions and home to Maple Leaf Sports & Entertainment, Toronto prides itself on a diverse and inclusive sports culture that celebrates athletic achievements across genders. With games hosted at Coca-Cola Coliseum, in the heart of Canada’s sports and entertainment capital, the Toronto team is poised to bring in fans from all backgrounds and set the stage for a new era in the sport—one where women’s professional hockey is celebrated and supported on an equal playing field (or rather ice rink). Despite previous attempts to establish professional women’s leagues, the PWHL stands apart thanks to its robust financial backing, player-focused structure, and strategic planning. As the league grows, the potential to redefine women’s professional hockey in North America is clear.

In contrast to the NHL’s established revenue streams, boasting its highest-ever recorded revenue of $6.43 billion, the PWHL’s financial model is still evolving. While the NHL benefits from over a century of brand loyalty, high-value media partnerships, and other lucrative collaborations, the PWHL is exploring innovative revenue sources like digital streaming partnerships and targeted sponsorships with brands that support gender equality and women’s wellness. Although financial details have not yet been released, the league has reportedly “exceeded [its] own projections,” according to board member Stan Kasten. One ongoing financial issue in women’s sports is the significant pay disparity between men’s and women’s players. Though the industry has made strides, some female athletes still work multiple jobs to make ends meet. Lucy Bronze, a FIFA World Cup finalist and five-time Champions League winner, famously worked at Domino’s outside training periods until she was able to secure higher-paying contracts. In hockey, PWHL players have signed contracts averaging around $57,000 per season, compared to the NHL’s average player salary of $3.5 million. This disparity highlights the need for a strong financial foundation to support the league long-term and ensure all players can fully focus on their careers.

To establish itself within the broader sports and entertainment landscape, the PWHL can look to the NHL’s lucrative business model—which includes over $700 million annually in broadcast revenue—as a benchmark. Broadcast deals have been essential to the NHL's financial stability, growing its fan base and attracting high-profile sponsorships. For the PWHL to achieve similar traction, it will need media rights agreements that not only provide steady revenue but also boost visibility on mainstream platforms. While initial media deals might be more modest, partnerships with digital platforms like DAZN—an emerging sports streaming service with integrated betting and gaming—along with traditional networks, could expand the league’s reach to both national and international audiences, establishing a sturdy revenue foundation. Increasing the visibility of women’s hockey on accessible platforms will also further improve brand loyalty and shift public perceptions of women’s sports.

The recent trend of consolidation in the sports-entertainment space—highlighted by Rogers’ majority ownership of MLSE (Maple Leaf Sports & Entertainment) and investments in assets like HGTV and TIFF— also suggests an appetite for diversification and dominance in Canadian sports broadcasting. If companies like Rogers see growth potential in women’s professional sports, the PWHL could benefit from partnerships or investments that capitalize on their existing infrastructure and audience base. By aligning with media giants or exploring collaborative agreements with established leagues, the PWHL can leverage these partnerships to build brand loyalty, attract sponsors, and eventually compete on a more equal footing in the sports industry.