Ice hockey-Premier Hockey Federation unveils $25 million investment plan
January 18, 2022
(Reuters) – The Premier Hockey Federation said on Tuesday it has received a commitment from its board of governors to go ahead with what it called the largest, one-time independent investment in the history of professional women’s hockey.
According to the PHF, it will invest over $25 million in direct payments and benefits to its players over the next three years, and the pledge includes more than $7.5 million in salary and benefits for the 2022-23 season.
The PHF, which rebranded from the National Women’s Hockey League last September, said the heart of the investment includes a salary cap increase to $750,000 for next year, up 150% from the current record figure of $300,000 that is available per team to spend on their roster.
The investment also gives players full healthcare benefits that will provided by each club, 10% equity of each team and control over their own likeness, allowing them to profit from the use of their image.
“The PHF has been steadfast in its vision to grow the game under a new era that truly provides leading opportunities for athletes in the sport who deserve to be treated as professionals,” PHF Commissioner said Tyler Tumminia said in a news release.
The PHF, which currently has six teams, also said it will develop the league through initiatives like expansion, updating facilities, purchasing new equipment and an expanded 28-game schedule.
Details for the PHF’s planned expansion of a seventh team in Montreal and the potential for additional clubs to broaden its United States footprint will be announced at a later date.
“We see the PHF as a platform to address the inequities that women athletes face,” said John Boynton, chairman of the PHF’s board of governors.
“We also believe in the sustainability of our developing business model and embrace our responsibility to build a platform that grows this dynamic league.”
(Reporting by Frank Pingue in Toronto; Editing by Hugh Lawson)