Mark Walter exploring selling portion of Cadillac Formula 1 Team stake
The New York Times • • sports
Key Points:
- Mark Walter is considering selling a portion of his stake in the Cadillac Formula 1 Team but only at a valuation above $3 billion, with at least seven serious interested parties.
- Walter previously sold his stakes in the NBA’s Los Angeles Lakers and Premier League club Chelsea but has maintained that TWG Global, his holding company, is not actively seeking to exit its motorsport properties.
- Over 20 parties have shown interest in purchasing part of the Cadillac F1 stake, though fewer than seven have made serious offers that meet TWG’s valuation criteria.
- TWG Motorsport is not currently looking for buyers for its other motorsport assets, including NASCAR’s Spire Motorsports, IndyCar, Formula E’s Andretti Global, IMSA’s Wayne Taylor Racing, and Supercars’ Walkinshaw Andretti United.
- Walter’s recent sales coincide with a U.S. Department of Justice investigation into his business dealings, specifically insurance companies he owns, though TWG Global denies any wrongdoing.
