Today the CWHL lost a major investor when private equity firm Roustan Capital posted a letter announcing they’re withdrawing financial support from the league.

The letter, penned by W. Graeme Roustan (the founder of Roustan Capital), details the reasoning as “the [CWHL] Board has refused to allow me to see the Directors and other expenses.” — essentially, a lack of transparency by the CWHL’s Board of Directors. The letter claims this is first time the Board has not allowed him to see such information.

We have reached out to the CWHL for comment.

The letter continues on to quote the CWHL’s lawyer in denying their request for more information, including the specific information on reimbursement of travel of by Directors and legal proceedings.

According to the letter, Roustan Captial was told by “the past Commissioner” that W. Graeme Roustan was “the single biggest financial and other contributor to the CWHL since its formation.”

His bio on the CWHL’s Governance page calls Roustan the “most senior Member of the CWHL leadership.” Roustan began supporting the league when he was the Chairman of Bauer, as the first corporate sponsor. This site describes his role 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. Roustan also owns The Hockey News as of January 2018.

No details about the exact amount of financial support was given. Investors in the league are not widely disclosed.

According to their website, Roustan Capital is venture capital firm. W. Graeme Roustan formed the firm in 1990. The site lists the CWHL as an organization it supports.