The Cadillac Formula 1 team told the media it is not considering a sale after the TWG Global CEO faced a federal investigation in the US.
Cadillac has faced many challenges in F1 as it embarked on its first season as a brand-new team. However, off-track news has taken centre stage in recent days.
One of Cadillac’s major sponsors is TWG Global, which co-owns the team through TWG Motorsports. The CEO of TWG Global has been under fire from the US Government regarding his insurance companies.
Mark Walter’s, who also owns major institutions such as the Dodgers, the Lakers, and Chelsea, was reportedly being probed by the US Attorney’s Office and regulators over $16 billion in potential fraudulent loans.
The Wall Street Journal broke the story, reporting that Walters had made two loans through Delaware life insurers tied to him and his company, TWG Global. However, they were not disclosed properly, missing a key ‘related party’ disclosure.
The purpose of the disclosure is to help policyholders avoid conflicts of interest. The investigation is focused on whether it amounted to fraud.
A TWG spokesperson told the Wall Street Journal that “Mark Walter and TWG have always acted in good faith,” are cooperating with authorities and are “confident these matters will be resolved favourably.”
The impact on Cadillac
Naturally, the investigation sparked rumours of a potential sale of the Cadillac F1 Team, with Walter slowly beginning to sell off various stakes in other ventures such as the Lakers.
However, on Media Day at the Dutch Grand Prix, Cadillac quickly squashed the rumours, making it clear the team was not for sale.
The statement read: “TWG is not considering sales of the Cadillac team or any other part of TWG Motorsport.”
Dan Twriss, the Cadillac CEO, is not present for Zandvoort. Instead, he is with Andretti Autosport at the IndyCar race in Washington. In his place, the newly appointed team principal, Marcin Budkowski, is at the helm in his first weekend in the role.
While the team is committed to not selling, as the investigation continues, there’s no guarantee that the fortunes may not shift.
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