F1’s newest team could be for sale, per reports
Formula 1’s newest team could be for sale, according to a new report.
As first reported by our friends at Sportico, Mark Walter is exploring a potential sale of his stake in Cadillac F1. Walter is the owner of TWG Global, which holds the controlling majority stake through the organization’s TWG Motorsports division. While the exact ownership structure of Cadillac F1 is unknown, reporting indicates that General Motors holds “options up to 30%,” Cadillac F1 CEO Dan Towriss holds “up to 3%,” and Walter controls the rest.
In late August, TWG Global released a lengthy statement in response to speculation that the company would sell Cadillac F1 and/or the Los Angeles Dodgers. In the statement, the company noted that with respect to the Dodgers, “to be clear, the team is not being sold and no sales process has been inintiated.”
With respect to Cadillac F1, and TWG Motorsports, the statement declared that “TWG is not considering exiting its stake in the Cadillac Formula 1 team or any other part of TWG Motorsports and has also stated this position on-the-record.”
However, as noted by Sportico, Walter not only agreed to sell the Los Angeles Lakers to Joshua Kushner and Bob Iger for $12.5 billion back in early August, but he sold his stake in Premier League club Chelsea to majority shareholder Clearlake Capital, and Bloomberg reported late last month that Walter is also looking to sell his stake in the WNBA’s Los Angeles Sparks.
These reports come as TWG Global and Guggenheim Partners — an investment and financial advisory firm where Walter is CEO and co-founder — are under federal investigation for not disclosing related-party transactions within insurance companies under the Guggenheim Partners umbrella. TWG Global and Guggenheim continue to assert that “there was no wrongdoing,” there has been “no fraud,” and that while the investigations originated with a whistleblower concern, “[n]o one has been harmed, and no one has claimed they were harmed.”
Cadillac’s first season on the F1 grid is drawing to a close, and while the team has yet to secure a point this season, Cadillac F1 recently announced that veteran driver Sergio Pérez signed a new multi-year deal that will keep him with the team through “at least 2029.” In addition, Cadillac is set to open a brand-new power unit facility in North Carolina this December, that Team Principal Marcin Budkowski calls a “statement of intent” regarding the team’s F1 ambitions.
As reported by Sportico, Walter is “shopping his Cadillac F1 team with an asking price of at least $3 billion, according to three people familiar with the process. There are at least seven parties interested in the team, which is wrapping up its Formula 1 season.”
Sportico also notes that the team is “on track to lose roughly $400 million this year, according to multiple sources, but that is largely a function of startup costs and the commercial business still ramping up.”
Last year, Sportico published the outlet’s “Formula One Valuations Ranking,” with an average value of $3.42 billion for an F1 team, up 48% from 2024 and more than double the outlet’s 2023 F1 team valuations, when the average was $1.61 billion.
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