Cadillac’s Formula 1 future has been thrown into fresh uncertainty after reports that billionaire Mark Walter is considering selling his controlling stake in the team for at least $3 billion. According to Sportico, at least seven potential buyers have already expressed interest, despite TWG Global insisting only months ago that it had no intention of walking away from the project.
Cadillac’s arrival in Formula 1 was supposed to mark the beginning of a major American motorsport venture backed by considerable financial resources. However, the team’s long-term ownership structure could now be facing an unexpected change.
Walter, who controls Cadillac through his investment company TWG Global, is reportedly exploring the possibility of selling his interest in the operation. The reported asking price is at least $3 billion, equivalent to approximately £2.3 billion.
According to Sportico, the potential sale has attracted interest from at least seven parties, although no agreement has been announced and the identities of the interested buyers have not been disclosed.
If the discussions progress, it would represent a significant development for Formula 1’s newest team and raise questions about the ambitions of its current ownership.
Walter’s changing sporting portfolio raises questions
The reported Cadillac development comes against the background of significant changes elsewhere in Walter’s sporting investments.
In August, Walter sold his majority stake in the Los Angeles Lakers to an investment group led by Joshua Kushner and Bob Iger. The transaction valued the NBA franchise at approximately $12.5 billion.
He subsequently sold his approximately 13 per cent interest in Chelsea Football Club in September. Reports have also indicated that the Los Angeles Sparks, the WNBA franchise, could be put up for sale.
Taken together, these transactions suggest that Walter may be reassessing parts of his sporting portfolio.
However, there is an important distinction between selling individual investments and withdrawing from Cadillac. No official announcement has confirmed that Walter has decided to leave Formula 1.
Indeed, the reported interest in a sale contrasts with TWG Global’s position in August, when the company indicated that it was not considering an exit from the Cadillac project.
Cadillac’s difficult Formula 1 introduction
The timing is particularly interesting because Cadillac is still establishing itself in Formula 1.
The American manufacturer entered the championship in 2026 as its eleventh team, working alongside General Motors as it begins its journey in the sport.
The operation has substantial financial commitments. Its entry involved a $450 million anti-dilution payment, alongside further investment requirements reportedly running into at least $1 billion.
Nevertheless, the first season has proved challenging on track.
Cadillac is still waiting for its first World Championship point and occupies the bottom position in the constructors’ standings. The team has considerable work ahead before it can realistically challenge the established midfield operations.
A reported potential sale would therefore introduce another major question at a time when the organisation needs stability and a clear long-term development strategy.
US investigations add another dimension
Walter’s changing investment portfolio is also attracting attention because of investigations involving insurance companies connected to his business interests.
US authorities are examining allegations concerning the investment of policyholder funds in other companies associated with Walter without adequate disclosure.
TWG Global has denied allegations of fraud.
These investigations should not be confused with any proven wrongdoing, nor has any established connection been demonstrated between them and the reported Cadillac sale discussions.
Nevertheless, the developments provide additional context for the scrutiny surrounding Walter’s business interests.
TJ13 has been examining Cadillac’s ownership structure for months
The possibility of a $3 billion sale is particularly significant in the context of questions that TJ13 has been investigating about the financial and corporate structure behind Cadillac Formula 1.
In August, TJ13 examined the complex relationships involving Mark Walter, TWG Global, Mubadala Capital and Palantir, raising questions about the financial network supporting the Cadillac project. The investigation, The $10 Billion Cadillac F1 Deal Raising New Questions About Mark Walter, explored the wider business interests and relationships surrounding the team’s ownership.
In September, further TJ13 reporting uncovered a new secured financing arrangement involving Andretti Formula E Limited. A detailed examination of a 51-page Companies House filing revealed that HPS Investment Partners had been named as security trustee, with Dan Towriss directly connected to the company through his position as a director. The findings were published in New Andretti financing raises questions over Towriss and Cadillac F1.
The filing did not establish financial distress at Andretti or Cadillac, nor did it show that Cadillac’s F1 operation had been used as collateral. However, it provided further documentary evidence of the corporate and financial arrangements surrounding the wider motorsport organisation.
TJ13 subsequently examined Bloomberg’s reporting that Towriss had voluntarily provided information to US federal prosecutors investigating Walter’s wider business interests. Bloomberg reported that Towriss was not thought to be a target of the investigation. That wider scrutiny was explored in Cadillac F1 future thrown into doubt amid new questions over Towriss and TWG.
These developments are important when considering the latest reported interest in acquiring Walter’s Cadillac stake. TWG had previously indicated that its motorsport interests were not for sale, making the reported $3 billion asking price a potentially significant change in direction.
The latest claims do not establish that the earlier financing arrangements or US investigations have prompted a potential sale. Nevertheless, the ownership structure, financial relationships and future direction of the Cadillac project are questions TJ13 has been following well before the latest Sportico report emerged.
What a potential Cadillac sale could mean for Formula 1
A $3 billion valuation would represent a substantial statement about the commercial value of a Formula 1 team.
The championship’s growing global audience, expanding American presence and increasing commercial appeal have helped transform the economics of team ownership.
Cadillac’s position is particularly interesting because it combines an established automotive manufacturer, General Motors, with the investment backing of TWG Global.
Any change in ownership would therefore need to preserve the wider ambitions of the project, rather than simply provide a financial return for its existing investors.
For now, the reported sale remains a possibility rather than a confirmed transaction. Neither an agreed buyer nor a completed deal has been announced.
However, with seven potential interested parties reportedly in the picture, the question of who ultimately controls Cadillac could become one of the most significant business stories surrounding Formula 1’s newest entrant.
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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.
Alex’s reporting aims to explain the financial realities behind headline stories, helping readers understand how money, governance, and strategy shape the competitive order in Formula 1.
