Mark Walter Explores Cadillac F1 Team Stake Sale at $3B Valuation
Sportico.com • • sports
Key Points:
- Mark Walter is seeking to sell his Cadillac Formula 1 team for at least $3 billion, with at least seven interested parties, according to sources familiar with the process.
- Walter owns the team through TWG Global, which also manages his IndyCar and NASCAR assets under TWG Motorsports, though TWG has not commented on the potential sale.
- Despite earlier statements denying any plans to sell the Cadillac F1 team or other sports assets, Walter has recently sold stakes in other sports properties, including the Los Angeles Lakers and Chelsea FC, and is reportedly looking to sell the WNBA’s Los Angeles Sparks.
- The Cadillac F1 team is a joint venture with General Motors and Cadillac, with TWG as the controlling owner; the team is currently unprofitable due to startup costs and has yet to score points in its inaugural season.
- Driver Sergio Perez recently extended his contract with the Cadillac F1 team through at least 2029, signaling a long-term commitment despite on-track struggles.
