'Single biggest' CWHL investor withdraws financial support
The CWHL has lost the big-money backing of Roustan Capital after an 11-year partnership with the private equity firm.
Its founder, Graeme Roustan, renounced his monetary support for the women’s professional league after he was denied access to the league’s finances and more specifically its expenses, citing a “lack of transparency by the CWHL’s Board of Directors.”
Roustan distributed a letter to the Board of Governors earlier this week, stating his reason for withdrawing his support of the CWHL and his resignation from the board.
In it, Roustan says that his firm was the “single biggest” financial contributor to the league — something he took great pride in.
He said he wouldn’t continue to fund the league without the transparency he’s been given over the last decade.
“I have no faith in the current chair and vice-chair of the CWHL. I had no choice but to resign as a member, and withdraw all financial support of the CWHL.”
The CWHL has seen changes to its board chair and commissioner in the last year in an exodus that has seen many executives and key fundraisers leave the organization. Brad Morris stepped down as board chair last year and was replaced by Laurel Walzak, while former Maple Leafs president and GM Brian Burke and former Olympian Cassie Campbell-Pascall also resigned.
Recent Hall of Fame inductee Jayna Hefford was appointed the new commissioner last spring.
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