American billionaire Mark Walter is reportedly exploring selling his controlling stake in Cadillac Formula 1 team, with an estimated asking price of more than $3 billion.
According to a report published by Sportico on Monday, at least seven parties are interested in buying the team, which is controlled by Walter through his ownership of TWG Global. The brand currently operates five motorsport teams across several racing series. Sources told The Athletic that the valuation of Walter’s stake is above $3bn, or around £2.2bn.
This comes after TWG categorically denied speculation it would sell its stake in Cadillac last month, following Walter’s decision to sell the Los Angeles Lakers of the NBA. A long statement released by the firm said: “TWG is not considering exiting its stake in the Cadillac Formula 1 team or any other part of TWG Motorsports.”
Walter sold his stake in Premier League club Chelsea earlier this year, and it has been reported he is also seeking to sell the WNBA’s Los Angeles Sparks. These reports, alongside ongoing federal financial investigations into insurance companies controlled by Walter through his wider business umbrella, have sparked speculation surrounding the future of Walter’s sports assets. TWG Global has denied any wrongdoing with regard to the investigations.
There has been no confirmation from either TWG Global or Cadillac F1 that a sale of the latter is imminent.
Cadillac potentially set for huge management shake-up
Cadillac’s entry into Formula 1 has been plagued by massive start-up costs and operational expenditures. Indeed, Sportico reports that the team is set to record a loss of around $400 million this year.
On top of these financial hurdles, Cadillac has struggled to make its mark on the competition so far. Despite featuring successful veteran drivers Sergio Perez and Valtteri Bottas, the team has yet to score a point in the 2026 season.
The sport’s huge commercial boom has caused team values to soar in recent years. In fact, Sportico estimated that each team was worth $3.42 billion on average last year – up 48% on the year before, and more than double its 2023 valuations.
Cadillac recently confirmed a multi-year deal with Perez until at least 2029. Bottas’s future remains unclear, but reports suggest the team is eyeing up F2 driver Colton Herta for the 2027 season.
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