Uncertainty surrounding Cadillac Formula 1’s majority ownership has intensified as reports indicate that Mark Walter’s TWG Global is seeking to offload a portion of its shares. Fenway Sports Group, the owner of Liverpool FC, has emerged as one of the potential interested parties in acquiring a stake.
Federal Probe and Sports Empire Expansion
US billionaire Mark Walter and his companies are facing a federal investigation by the U.S. Department of Justice. The probe examines whether Walter’s insurance companies, including Delaware Life Insurance Company, Clear Spring Life and Annuity, improperly invested policyholder funds into affiliated businesses through transactions involving approximately $20 billion in loans and investments that were allegedly not adequately disclosed. TWG Global has consistently denied any wrongdoing.
According to reports, some of those funds were allegedly used to expand a major sports portfolio that previously included the LA Dodgers baseball team, LA Lakers basketball team, a minority stake in football club Chelsea, and the LA Sparks WNBA team. TWG Global serves as the parent company of TWG Motorsports, which holds a majority ownership in the Cadillac F1 team, alongside NASCAR, IndyCar, IMSA, and Australian Supercars squads. General Motors, the parent company of the Cadillac brand, holds an undisclosed minority share, supplies infrastructure and personnel, and is developing future power units.
Potential Sale of Cadillac F1 Shares
Walter has already moved to sell the Lakers and his 12.8% share in Chelsea, while the LA Sparks are also up for sale. Sportico reported that Walter is looking to divest part of his majority stake in the Cadillac F1 team, valuing the squad at approximately $3 billion. The Washington Post reported that John Henry’s Fenway Sports Group—which owns Liverpool FC and the Boston Red Sox, and holds a 50% stake in NASCAR team RFK Racing—is among the interested buyers.
Although TWG Global initially dismissed suggestions of selling part of its F1 team, a sale could become necessary if Walter is forced to replace the related-party loans with fresh capital. Walter’s group, Guggenheim Baseball Partners, purchased the LA Dodgers in 2012 out of bankruptcy court. Bolstered by lucrative local TV rights and international sponsorship following the signing of Shohei Ohtani, the Dodgers became the first baseball franchise to reach $1.1 billion in gross revenue in 2025, with a Forbes-estimated valuation of around $7.8 billion after winning back-to-back World Series championships in 2024 and 2025. This makes the Dodgers the last asset the group is likely to surrender.
In contrast, the Cadillac F1 team joined the series this year after a lengthy entry process, paying a $450 million anti-dilution fee. TWG Global and General Motors have reportedly invested upwards of $1 billion into building the team, establishing state-of-the-art headquarters in Silverstone, UK, and Fishers, Indiana. While Cadillac has delivered respectable performances for a start-up team, despite reliability issues, building a successful F1 operation remains a long-term endeavor.
Driven by F1’s popularity boom, budget caps, and the scarcity of a closed 11-team grid, franchise valuations have soared, allowing top teams to turn profits and supporting a $3 billion valuation for Cadillac despite its current uncompetitive status. TWG Global has been contacted for comment, while General Motors representatives declined to comment on the recent reports.
