Another day, another new aspect to the CWHL saga.
Let’s start with one that is tied to the past.
Venture capitalist (and The Hockey News owner) Graeme Roustan is aiming to revive @TheCWHL for next season by asking the current board to step aside and let him and a new board take over, @TorontoStar @StarSports has learned.— Kevin McGran (@kevin_mcgran) April 5, 2019
Kevin McGran of the Toronto Star tweeted that Graeme Roustan is looking to breath life back into the CWHL. He asked the current board — the ones who unanimously decided to shutter the 12-year-old league — to step down and allow him and a new board to start.
If that name is familiar, it’s because it should be. Roustan is a former CWHL investor and board member who very publicly pulled his investment and left the board in late November. The venture capitalist cited a lack of transparency in financial aspects. At the time he was the longest standing board member who role was described on the CWHL’s Governance page as ensuring “that the Ontario non-profit corporation is operating with best practices in corporate governance at all times.” He also attends all meetings of the Board.
The league came under a bit of fire when they did not respond to comment, instead waiting two days to address the situation in a press release about the new Board of Directors. The loss of an investor led some to question the strength and stability of the CWHL at the time, nearly five months before the board would cease league operations. However the league, presumably at the urging of the Board, said this, on Nov. 30, 2018.
While the inaccurate statements and assumptions published give an impression that the CWHL may have difficulties in meeting its mandate in the future, nothing could be farther from the truth. The strength of the CWHL leadership is self-evident, and we have every confidence in the success of the CWHL in all future endeavours.
Previously, the Star reported an anonymous Toronto-based group had started looking into starting a new league. The NWHL has also started the expansion process into Canada, in specific Toronto and Montréal.
Hailey Salvian of The Athletic also shared that the NHL has given the league more money to be able to finish all of its payments.
Source close to the CWHL just told me the NHL donated $100K to the league this week to ensure the CW has enough money to pay the players their full stipend and bonuses.— Hailey Salvian (@hailey_salvian) April 5, 2019
The CWHL is in the midst of reconciling their finances and cannot confirm if they ended the year short money
Earlier in the week, Pierre LeBrun shared that the NHL gives the CWHL $50,000 each season. Salvian’s report sounds like this was an additional $100,000.
Players were set to be paid on April 1, the day before the CWHL announced that it was folding.