Cadillac’s Formula 1 team may be on the market, according to a new report, despite earlier assurances from its majority owner that it had no plans to sell.
Mark Walter, who leads TWG Global, is reportedly exploring a sale of his stake in the team. TWG Global controls Cadillac F1 through its TWG Motorsports division. The full ownership structure has not been made public, though reports have indicated that General Motors has options to acquire as much as 30% and team CEO Dan Towriss may hold up to 3%, with Walter controlling the remainder.
In a statement issued in late August, TWG Global said it was not considering selling its interest in Cadillac F1 or any other part of TWG Motorsports. The company also said the Los Angeles Dodgers were not for sale and that no sales process had begun.
Walter has since been linked to several other sports-related sales. He agreed in early August to sell the Los Angeles Lakers to Joshua Kushner and Bob Iger for $12.5 billion, and sold his stake in Chelsea to the Premier League club’s majority owner, Clearlake Capital. He is also reportedly seeking a buyer for his stake in the WNBA’s Los Angeles Sparks.
The reports come as TWG Global and Guggenheim Partners, where Walter is CEO and co-founder, face a federal investigation into whether related-party transactions involving insurance companies were properly disclosed. Both organizations have denied wrongdoing and fraud. They have said the investigation began after a whistleblower raised concerns, and that no one has been harmed or claimed harm.
Cadillac is nearing the end of its first F1 season without scoring a point. The team recently announced a new multi-year contract with veteran driver Sergio Pérez, keeping him on the roster through at least 2029. It also plans to open a power unit facility in North Carolina in December. Team principal Marcin Budkowski has described the project as a statement of the team’s ambitions in Formula 1.
The report says Walter is seeking at least $3 billion for the team and that at least seven potential buyers have shown interest. Cadillac is expected to lose about $400 million this year, largely because of startup expenses and a commercial operation that is still growing.
That asking price comes amid rising valuations across Formula 1. A recent industry ranking put the average team value at $3.42 billion, up 48% from 2024 and more than double the average recorded in 2023.
