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PHF sale: Unpacking what just happened in women’s hockey

(Sarah Stier/Getty Images)

Professional women’s hockey players received seismic news Thursday night. At 8 pm ET, players and staff from both the Premier Hockey Federation (PHF) and Professional Women’s Hockey Players Association (PWHPA) gathered on separate conference calls.

The PHF players – who were addressed by commissioner Reagan Carey followed by their respective ownership groups – learned that assets of their league had been acquired by the Mark Walter Group ahead of the launch of a new professional women’s hockey league in January 2024. The PHF will cease operations.

Members of the PWHPA learned about the PHF sale at the same time. But their call had an additional purpose. After spending the last five-plus months negotiating with their new owners about a collective bargaining agreement, the PWHPA’s bargaining committee proposed the final agreement to members of the association. Following a 72-hour voting window, that CBA was unanimously approved on Sunday night.

The fact that these two things – the sale of the PHF, followed by the confirmation of a new league with a CBA negotiated by PWHPA players – happened nearly simultaneously resulted in confusion, with some fans placing blame on PWHPA players for the demise of the PHF.

“(The PHF purchase) is very, very much a separate transaction and people are confusing the two,” Dodgers president Stan Kasten, who will serve as a member of the new league’s board, told Just Women’s Sports.

While Thursday night’s news provides some clarity for the future of women’s pro hockey in North America – a single league featuring the best players – there has also been plenty of confusion, especially for PHF players whose contracts are now void.

Just Women’s Sports spoke to leaders and players from the PHF over the weekend about what happened and what it means for the future of women’s hockey in North America. Here’s what we learned.

What does this news mean for PHF players in the near future?

According to a PHF signing tracker maintained by Melissa Burgess of the Victory Press, 121 players had signed contracts for the 2023-24 PHF season as of June 28. With the league shutting down in the wake of the sale, those contracts are now void.

For goaltender Kassidy Sauvé, the news of the PHF sale came as a shock. After signing with the Boston Pride in June, she was browsing the internet Thursday morning and designing some black and gold goalie pads that would look good with her new team’s uniform.

Hours later, she learned that the Boston Pride were no more.

“It’s been a tough couple of days,” Sauvé told Just Women’s Sports. “It’s hard when your future changes in the blink of an eye.”

Sauvé counts herself lucky that she hadn’t yet signed a lease in Boston, but she knows some of her PHF teammates and opponents already made big life choices based on the contracts they had signed and the salaries they expected to receive.

“There’s a lot of girls who bought houses or started renting where they were going to play. It’s not just the fact that it happened, but the fact that it happened after people were signing contracts that made it difficult,” she said.

A “Frequently Asked Questions” document was distributed to players and staff, and reviewed by Just Women’s Sports, outlining what players can expect from the league. Here are a few of the highlights.

  • Players enrolled in the PHF health program will receive insurance benefits through September 30, 2023.
  • Players who sign separation agreements will receive 1/12 of their contract for the 2023-24 season or $5,000, whichever is higher.
  • Players who don’t compete in another professional league during the coming season are eligible to receive an additional payout (minimum of $10,000). This will come from a $1,000,000 pool divided among players.
  • Players who were competing in the PHF on visas can receive support to modify their visa.
  • Players who competed in either of the last two PHF seasons will be eligible to receive “a small distribution” from the player equity incentive program. According to PHF owner John Boynton, players will divide two percent of the proceeds from the sale of the league (minus lawyer and transaction fees).
  • Coverage of ongoing workers’ compensation claims – typically used to cover injuries sustained in practice or games – will continue.

It should be noted that these benefits do not apply to players who played in the league for the 2022-23 season but had not yet signed for the upcoming season.

“Technically (those players) have no relationship with the league, they’re not employed,” Boynton said, though he noted that players in that group would be eligible for a share of the equity incentive program.

Many PHF players likely will compete in the new league. And while current PWHPA members are the ones who negotiated and voted on the CBA, former PHF members will be eligible to join the PWHLPA union.

Despite her initial shock, Sauvé said she’s trying to feel hopeful about what’s to come.

“This has been something we’ve wanted for a long time – for everyone to just be on the same page,” she said. “I think, down the road, it will be incredibly beneficial for women’s hockey as a whole.”

What is PHF leadership saying?

PHF leadership presented the sale as good news. In a letter to players and staff, reviewed by Just Women’s Sports, PHF commissioner Reagan Carey called the news “a collective, well-earned victory for each of you who has contributed to the ongoing evolution of the women’s professional game.”

The PHF has previously been criticized for overpromising and underdelivering, one of the reasons many PWHPA players were wary of joining the league. In the same letter after the sale, Carey cited the league’s accomplishments, including setting “the highest salary cap in all of women’s sports.”

But that detail comes with several major caveats. While the PHF announced a salary cap of $1.5 million for the 2023-24 season – technically more than the WNBA’s $1,420,500 cap or the NWSL’s $1,375,000 cap (not factoring in allocation money) – those PHF salaries are not being paid out.

Asked about this discrepancy, Carey defended her reference to the salary cap figure.

“We announced it, we committed to it, we signed contracts for it. And this league, if this deal was not done, would have continued to operate and continued to build on the momentum we had and that number wouldn’t have changed,” she told Just Women’s Sports.

While the sale caught players, fans, and media off guard, Carey said the deal was in the works for a long time.

“It’s not something that came as a surprise, nor was it expedited or rushed in any way. It’s been an evolving conversation that just led to the opportunity to bring these worlds together.”

Carey added: “Perhaps it’s more of a surprise because most attempts to do that (unify women’s hockey leagues) have fallen short in the past.”

As for the timing of the sale, Boynton – whose ownership group oversaw four of seven teams – said they aimed to have the deal done in February or March before players started signing contracts for the new season.

“If there’s one thing I could have changed about this thing, it would be the timing,” he said. “In a situation like this where we’re having these discussions, you can never know whether it’s going to work out or not. So we had to continue to operate the league in preparation for a full season next year.”

NWSL Stars Headline African National Teams at 2025 WAFCON

Zambia striker Barbra Banda celebrates a goal during a 2023 World Cup match.
Orlando Pride striker Barbra Banda will lead Zambia at the 2025 WAFCON tournament in Morocco. (Hannah Peters - FIFA/FIFA via Getty Images)

The 2025 Women's Africa Cup of Nations (WAFCON) kicks off late next week, as NWSL stars depart their clubs to join their national teams in the fight for continental glory.

Running from July 5th through the 26th, 12 teams from across Africa will feature at this year's tournament in Morocco, with defending champions South Africa looking to repeat.

One of the teams hoping to upend the Banyana Banyana's back-to-back prospects are Zambia's Copper Queens, captained by Orlando Pride striker and perennial MVP candidate Barbra Banda. The current NWSL leader in both shots and shots on target has eight goals in her club season so far, good for a second-place tie in the league's Golden Boot race.

Joining Banda on a Zambia side rich with attacking talent are Bay FC striker Rachael Kundananji and a pair of Banda's Pride teammates, midfielders Grace Chanda and Prisca Chilufya.

Other NWSL standouts making the trip include Ghana forwards Stella Nyamekye (Gotham FC) and Princess Marfo (Bay FC), as well as Nigeria striker Asisat Oshoala (Bay FC) and defender Michelle Alozie (Houston Dash).

Notably, the nine-time WAFCON champs opted to omit Washington Spirit forward Gift Monday from the Super Falcons' roster — a particularly surprising move considering Nigeria chose Oshoala, who has yet to record a goal or assist in 2025 NWSL play, and uncapped UConn junior forward Chioma Okafor over Monday and her red-hot form.

Calling it "a tough pill to swallow," Monday wrote in an Instagram post on Saturday that she harbors "no grudges, no resentment."

"I remain fully committed to cheering my country from home," Monday said, adding "To the incredible women who made the squad, go out there and make history."

"You carry the hopes of millions — including mine."

Golden State Tops WNBA with $500 Million ‘Sportico’ Valuation

Golden State Valkyries guard Kaitlyn Chen dribbles the ball during a 2025 WNBA game.
The Golden State Valkyries top all WNBA teams with a $500 million valuation. (Matthew Huang/Icon Sportswire via Getty Images)

The Golden State Valkyries made a splash on Tuesday, as the 2025 expansion side debuted on Sportico's annual WNBA valuation list at the very top, leading all 13 league teams at $500 million.

With facility ownership and arena management playing major roles, that current estimate of the Valkyries' worth is 10 times the amount that the Golden State ownership group paid in expansion fees back in 2023.

Even more, the figure arguably puts Golden State atop all other women's sport teams worldwide, surpassing even the record-breaking $450 valuation set by the New York Liberty just last month. On Sportico's current list, the Liberty clock in with a $420 million value just behind the Valkyries.

The Sportico report also places the overall average value of a WNBA team at $269 million, a 180% increase over last season's average — and a figure that dwarfs even the $140 million valuation held by 2024 list-leaders Las Vegas.

Of all teams, the Fever saw the biggest leap, rising from sixth to third on the list with a valuation of $355 million — more than 270% higher than Indiana's $90 million mark in 2024.

Valkyries poised to win the 2025 WNBA revenue race

The Fever also led the league in revenue last year with $33.8 million, though the Valkyries are projected to run away with this season's revenue title, as Sportico estimates that Golden State will bring in more than $70 million in 2025.

The Bay Area side already set a single-game WNBA record for revenue generated, making $3 million in their 2025 home opener.

Current calculations put WNBA valuations at an average of 12 times their revenue — the highest revenue multiple among all major pro sports leagues, including the NBA (11.9), MLS (9.4), NFL (9.3), NHL (7.7), NWSL (6.8), and MLB (6.6).

Plus, new media deals with broadcasters like ESPN, NBC, and Amazon Prime — among others — are on track to generate an average of $260 million in annual revenue for the league starting next season.

With Golden State proving that expansion can be immediately profitable, business — and valuations — continues to boom in the WNBA, as the league eyes even more value with the 2026 additions of Toronto and Portland.

Tuesday Upsets Shake Up the 2025 WNBA Standings

Washington's Sonia Citron and Shakira Austin celebrate a three-pointer during a 2025 WNBA game.
The Washington Mystics handed the league-leading Minnesota Lynx their second season loss on Tuesday. (G Fiume/Getty Images)

The WNBA proved that any team can win on any day on Tuesday night, when all four games ended in underdog upsets, rattling the league standings.

While No. 12 Dallas quieted No. 4 Atlanta 68-55, Chicago was swapping spots with now-No. 11 LA, as the Sky snapped a three-game skid with a 97-86 win over the Sparks to claim 10th place on the table.

At the same time, Washington inched up from No. 9 to No. 8 by handing the league-leading Lynx a 68-64 defeat — just the second loss suffered by Minnesota this season.

The Indiana Fever also claimed a one-spot rise to No. 7 after snapping a two-game losing streak with a 94-86 defeat of No. 5 Seattle.

Indiana Fever center Aliyah Boston shoots in the paint during a 2025 WNBA season win over Seattle on Tuesday.
With 31 points, Indiana center Aliyah Boston led WNBA scoring on Tuesday night. (Soobum Im/NBAE via Getty Images)

Bigs lead the charge in Tuesday's WNBA upsets

The overall stars of Tuesday's show were the bigs, as Indiana center Aliyah Boston put up 31 points, Chicago center Kamilla Cardoso recorded 27 points, and Minnesota center Alanna Smith dropped 26 of her own.

Fever guard Kelsey Mitchell matched Boston's efforts with her own 26-point showing, as the pair helped Indiana overcome forward DeWanna Bonner's now-permanent absence from the team, as well as another off-night from Caitlin Clark.

Led by Arike Ogunbowale's 21 points, Dallas benefitted from an unexpectedly shaky Atlanta side that shot just 23.4% from the field — the Dream's lowest shooting performance in franchise history and the worst single-game showing league-wide since 2010.

After starting the 2025 WNBA season 1-11, the Wings have now won three of their last four games.

The Mystics also came to play, edging out the once-unbeatable Lynx in a defensive battle that saw center Shakira Austin lead Washington with 19 points while Minnesota mainstay Napheesa Collier rode the bench due to lower back stiffness.

Meanwhile, with 11 points with 11 rebounds on the night, Washington rookie Kiki Iriafen claimed her fifth career double-double — more than the rest of the WNBA's Class of 2025 combined.

How to watch Wednesday's WNBA action

Wednesday's late-night, two-game bill provides yet another chance to shake up the WNBA standings.

With both matchups tipping off at 10 PM ET, the ailing New York Liberty will visit the rising Golden State Valkyries, airing on WNBA League Pass, while the last-place Connecticut Sun take on the up-and-down Las Vegas Aces on NBA TV.

New York Sirens Take Colgate Grad Kaltounková No. 1 in PWHL Draft

Colgate's Kristýna Kaltounková celebrates a goal during the 2024 NCAA hockey tournament.
The New York Sirens selected Czech international and Colgate grad Kristýna Kaltounková as the No. 1 overall pick in the 2025 PWHL Draft. (Gil Talbot/NCAA Photos via Getty Images)

The 2025 PWHL Draft spotlighted the wealth of women's hockey talent currently rising through the ranks, as the league ushered in its third rookie class on Tuesday night.

With the first overall pick, the New York Sirens selected Colgate University alum Kristýna Kaltounková, after the 23-year-old Czech forward finished her college career as the team's all-time leading scorer.

"Coming from such a small town in the Czech Republic, it's a great honor," Kaltounková said after the announcement.

The PWHL's eight teams selected a total of 48 players across the Draft's six rounds, with 43 draftees coming out of the NCAA system.

Ohio State produced the most 2025 prospects with six selected players, after the Buckeyes won two of the last four national titles.

Of the five non-NCAA recruits, four made the leap from international pro leagues in Sweden and Russia, while one player joins the PWHL from the University of British Columbia.

With two of the eight first-round picks, New York played the Draft's most aggressive hand, trading defender Ella Shelton to Toronto in order to receive the Sceptres' third and 27th overall picks.

Due to that deal, the Sirens also snagged 2024/25 NCAA MVP Casey O'Brien, a three-time national champion and the Wisconsin Badgers' all-time leading scorer.

New York also traded top forward Abby Roque to Montréal before the 2025 PWHL Draft, receiving forward Kristin O'Neill and Tuesday's 28th overall pick in return.

With league expansion widening this year's PWHL talent pool, college programs have stepped up to fill the gaps as the professional game grows.

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