Cadillac’s Formula 1 team has moved to shut down growing speculation over a potential sale, issuing a firm denial amid scrutiny surrounding owner Mark Walter.
A spokesperson for TWG Global told The Athletic: “TWG is not considering a sale of the Cadillac team or any other part of TWG Motorsports.”
The statement comes as Walter, the 66-year-old founder of TWG Global, faces a US federal investigation into insurance companies he owns.
The investigation drew significant public attention when Walter sold the iconic NBA franchise the Los Angeles Lakers for a record $12.5 billion, just one year after purchasing the team for $10 billion.
Walter is also reportedly in discussions to offload his 13 percent stake in Premier League football club Chelsea to majority owner Clearlake Capital.
The developments have fuelled speculation that Walter could be looking to reduce his sports portfolio, raising questions about the future of the Cadillac F1 team specifically.
TWG Motorsport, a subsidiary of TWG Global, holds a majority stake in the Cadillac F1 team alongside ownership of IndyCar outfit Andretti Global and NASCAR’s Spire Motorsports.
The sale rumours arrive at a particularly turbulent time for the team, which recently fired team principal Graeme Lowdon and replaced him with Marcin Budkowski last Wednesday.
Lowdon’s abrupt departure added to a sense of instability around the rookie F1 outfit, which only joined the grid this season as the sport’s eleventh constructor.
Walter also owns Major League Baseball’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks, making him one of the most prominent multi-sport franchise owners in the United States.
Despite the breadth of Walter’s sports investments and the growing pressure from the federal investigation, TWG Global’s position on the F1 team appears unambiguous for now.
The clear denial from TWG Global will offer some reassurance to fans and partners, though the ongoing investigation means the situation is likely to remain under close watch.