A new secured financing arrangement involving an Andretti motorsport company has raised fresh questions around Dan Towriss and the wider TWG structure behind Cadillac Formula 1, with the development coming as US scrutiny of TWG Global intensifies.
UK Companies House records show that Andretti Formula E Limited registered a new charge on August 11, 2026, with HPS Investment Partners, LLC named as security trustee for itself and the secured parties. The charge remains outstanding.
The development does not seem to establish financial distress at Andretti or Cadillac F1, nor does the filing indicate that Cadillac’s Formula 1 operation itself has been used as collateral. However, the timing and nature of the financing provide another significant piece of information surrounding the wider motorsport group. Especially given the fact that TWG, the business that runs the Cadillac F1 operation for GM, is embroiled in a Senate-led investigation surrounding Mark Walter and US taxpayer money.
New secured financing registered
The UK Companies House filing identifies HPS Investment Partners as the security trustee and records the charge as created and delivered on August 11.
The underlying documentation runs to 51 pages, while the company’s filing history also shows that Andretti Formula E subsequently submitted amended Articles of Association and a resolution altering those Articles on August 25.
The amended corporate arrangements include provisions dealing specifically with security protection for lenders, including circumstances in which shares can be transferred to a secured institution or enforcement rights can be exercised.
That is consistent with a secured financing arrangement.
It is important, however, not to interpret the existence of secured borrowing as proof that the company is experiencing financial difficulties.
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Dan Towriss has a direct connection
The filing is particularly notable for Cadillac F1 because Dan Towriss is not simply an executive within the wider TWG organisation.
UK Companies House records show that Daniel Towriss has been a director of Andretti Formula E Limited since March 18, 2024.
The US Senate-led investigation aimed at Mark Walter now comes into play, as he is currently listed as the company’s person with significant control, with Companies House recording ownership of at least 75% of shares and voting rights. Michael Andretti ceased to be recorded as a person with significant control in October 2024.
The August 25 resolution concerning the company’s Articles was signed by Towriss as a director.
That provides a direct documentary link between the newly recorded financing arrangements and a senior figure in the wider TWG motorsport structure. From trusted contacts state-side, TJ13 understands that Towriss is currently ‘a very tricky person to get hold of’ whilst this investigation of Walters continues to hit the headlines in the USA.
What does it mean for Cadillac F1?
TWG Motorsports currently lists Cadillac Formula 1 and Andretti Global among its motorsport operations, while its official material identifies Towriss as CEO of Cadillac F1 and TWG Motorsports.
However, there is currently no evidence that the HPS financing is secured against Cadillac F1 itself. That distinction is crucial.
Cadillac is already racing in Formula 1 in 2026, meaning any major change within its ownership or wider financial structure would potentially be significant. But the Companies House documents presently establish financing at an Andretti Formula E company, rather than a financial problem at the Cadillac F1 team.
The development nevertheless comes at a sensitive moment for TWG.
Wider scrutiny of TWG
US Senator Elizabeth Warren has separately asked regulators for information concerning investments held by insurance companies connected to Mark Walter’s TWG empire.
Her inquiry follows reports that approximately $21 billion of investments involving Delaware Life and Clear Spring Life may have been misclassified as independent despite connections to Walter affiliates. The Senate inquiry is asking whether similar issues have occurred elsewhere.
There is no allegation in that inquiry that Towriss or Cadillac F1 has committed wrongdoing, yet.
But with TWG’s wider financial structure under scrutiny, the emergence of new secured financing involving an Andretti company provides another development worthy of attention.
For now, the documents demonstrate secured financing, not financial distress.
The key question is what sits behind this new financing — and whether further filings reveal any connection between the arrangement and the wider TWG or Cadillac F1 structure. Keep an eye on TJ13 as new developments come to light.
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The Judge, a nom de plume of an experienced F1 journalist and site founder with long-standing sources across the paddock. With over 30 years of experience in Formula 1 as an insider journalist, I have built trusted connections across the paddock, from race engineers and mechanics to senior team figures. At The Judge 13, I and a handful of trusted colleagues share exclusive Formula 1 news, expert analysis and behind-the-scenes stories you will not find in mainstream motorsport media.
Alex Stanton is a Formula 1 journalist at TJ13 with a focus on the financial and commercial dynamics that underpin the sport. Alex contributes reporting and analysis on team ownership structures, sponsorship trends, and the evolving business model of Formula 1.
At TJ13, Alex covers topics including manufacturer investment, cost cap implications, and the strategic direction of teams navigating an increasingly complex financial environment. Alex’s work often examines how commercial decisions translate into on-track performance and long-term competitiveness.
With a strong interest in the intersection of sport and business, Alex provides context around Formula 1’s global growth, including media rights, expansion markets, and manufacturer influence.
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