TWG Global has moved to shut down speculation that its motorsport holdings, including the Cadillac Formula One team, might be next on the sales block. The denial comes amid growing questions about what billionaire chief executive Mark Walter plans to do with his broader sporting empire, following the sale of the Los Angeles Lakers and reports that he’s also in talks to offload his stake in Chelsea in the Premier League.
Mark Walter sports assets sale rumours prompt a firm denial
Speaking to reporters at the Dutch Grand Prix through a Cadillac F1 spokesperson, TWG stated plainly that it is not considering a sale of the Cadillac team or any other part of TWG Motorsport. TWG Motorsport sits under Walter’s wider TWG Global umbrella and co-owns the Cadillac team, alongside Andretti Global’s entries in IndyCar and Formula E, plus programmes in NASCAR and Australian Supercars.
The Lakers sale that sparked much of this speculation saw former Disney chief Bob Iger and investor Joshua Kushner, whose brother Jared is married to Ivanka Trump, acquire the franchise at a reported $12.5 billion valuation, just 14 months after Walter bought a majority stake for what was then a record $10 billion. Beyond basketball, Walter’s sporting portfolio also includes Major League Baseball’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks. According to reports last month, his wider financial empire is also facing a federal probe examining links between investments held by his insurers and affiliated companies.
Cadillac F1 Budkowski Lowdon transition adds to the scrutiny
The ownership questions land at an already eventful moment for the team itself. Earlier this month, Cadillac replaced founding team principal Graeme Lowdon after 11 races, bringing in Marcin Budkowski instead. Asked at a media briefing in Zandvoort whether he’d sought any assurances about the team’s future before taking the job, Budkowski said no such discussions had taken place.
Cadillac driver Sergio Perez framed the leadership change as a sign of ambition rather than concern. He credited Lowdon with playing a major part in getting Cadillac to where it stands today, working alongside General Motors and team chief executive Dan Towriss, and described him as part of the team’s history, wishing him well going forward. On Budkowski’s arrival, Perez said having a new leader with a fresh perspective was genuinely exciting, adding that even though he hasn’t spent much time with him yet, the timing felt right and reflects Cadillac’s determination to push the team forward as quickly as possible, even in just its first season. The team remains without a points finish through 11 rounds so far.
