Cadillac F1 could be for sale as TWG Global faces federal probe and lawsuit

Key Points:

• The Cadillac F1 team, co-owned by TWG Motorsports and General Motors, could be for sale for at least $3 billion, with multiple interested parties, as reported by Sportico.
• Team owner Mark Walter is under federal investigation by the DOJ and SEC for allegedly funneling insurance premiums into related-party investments rather than safe, independent ones, linked to companies Delaware Life and Clear Spring Life and Annuity.
• Walter has recently sold his majority stake in the Los Angeles Lakers and a portion of Chelsea FC, and is reportedly considering selling other sports assets, including the WNBA's Los Angeles Sparks and potentially TWG Motorsports' racing properties.
• Despite earlier denials from TWG Motorsports about selling its racing teams, the ongoing legal and financial scrutiny has raised speculation that Cadillac F1 and other motorsports assets could be put on the market.
• Cadillac F1 has struggled in its inaugural F1 season, yet driver Sergio Perez has extended his contract through 2029, while the status of the second driver seat remains undecided amid potential ownership changes.