Investment plan

First hockey federation unveils $25 million investment plan

Team USA takes to the ice for the national anthems before their international hockey game against Team Canada during a My Why Tour stop in Maryland Heights, Missouri, U.S., December 17, 2021. REUTERS/Jonathan Ernst

Join now for FREE unlimited access to Reuters.com

Register

Jan 18 (Reuters) – The Premier Hockey Federation said on Tuesday it had received a commitment from its board of governors to make what it said was the largest, one-time independent investment in the history of professional women’s hockey.

According to the PHF, it will invest more than $25 million in direct payments and benefits to its players over the next three years, and the commitment includes more than $7.5 million in salaries and benefits for the 2022-23 season. .

The PHF, which changed its name from the National Women’s Hockey League last September, said the core of the investment includes raising the salary cap to $750,000 for next year, up 150% from compared to the current record figure of $300,000 available per team to spend on their roster.

Join now for FREE unlimited access to Reuters.com

Register

The investment also provides players with comprehensive healthcare benefits provided by each club, 10% equity from each team and control of their own image, allowing them to profit from the use of their image.

“The PHF has been steadfast in its vision to grow the game into a new era that truly provides premier opportunities for athletes in the sport who deserve to be treated like professionals,” said PHF Commissioner Tyler Tumminia, in a press release.

The PHF, which currently has six teams, also said it would grow the league through initiatives such as expansion, updating facilities, purchasing new equipment and an expanded 28-game schedule.

Details of the PHF’s planned expansion of a seventh team to Montreal and the possibility of other clubs expanding its presence in the United States will be announced at a later date.

“We see the PHF as a platform to address the inequalities that female athletes face,” said John Boynton, Chairman of the PHF Board of Directors.

“We also believe in the sustainability of our developing business model and embrace our responsibility to build a platform that grows this dynamic league.”

Join now for FREE unlimited access to Reuters.com

Register

Reporting by Frank Pingue in Toronto; Editing by Hugh Lawson

Our standards: The Thomson Reuters Trust Principles.