Years in the making: An inside look at the PWHL's 1st outside investment

Detroit sports executive Ryan Gustafson sat in the third row of the city's historic Fox Theatre during last week's PWHL Draft, waiting into the second round for the new PWHL Detroit team's first franchise draft pick.

When the time came, Ilitch Companies CEO Chris Ilitch left his spot beside Gustafson to climb the stage and make the pick alongside Detroit GM Manon Rhéaume, who selected Swiss goaltender, Andrea Brändli.

That pick, made in front of a loud crowd inside Fox Theatre, was the culmination of years of work behind the scenes to bring professional women's hockey to Detroit.

"Just the moment of sitting with [Ilitch] and being both excited and proud, both of us, for how it's come together and belief in what it's going to become — it was a really cool moment," said Gustafson, who is the president and CEO of Ilitch Sports + Entertainment, which owns the MLB's Detroit Tigers and NHL's Detroit Red Wings.

Behind the scenes, there was more history being made. The public didn't know it yet, but the PWHL had already completed a deal to accept private investments from the Ilitch Companies and Toronto businessman Larry Tanenbaum's Kilmer Sports Ventures.

The investment, according to reporting from both Sportico and The Canadian Press, is valued at more than $100 million, though neither Gustafson nor PWHL officials would confirm financial details.

But Gustafson described it as a "significant" investment that indicates the company's belief in the growth of the league and women's hockey.

"I think it's on just an incredible trajectory coming out of the Olympics with the momentum that the sport already had," Gustafson told CBC Sports.

It comes less than four years after the creation of the PWHL, which is owned by Mark and Kimbra