US investigation fuels speculation over possible sale of F1's Cadillac team
Billionaire Mark Walter, whose company TWG brought General Motors into Formula 1, is under US investigation over alleged fraud, sparking rumors that the Cadillac team could be sold — a claim the team denies.
The US Department of Justice and the Securities and Exchange Commission are investigating billionaire Mark Walter, head of TWG, the company responsible for bringing General Motors' Cadillac brand into Formula 1. Investigators are examining a possible fraud scheme involving Walter's insurance companies — Delaware Life, Clear Spring and EquiTrust — with funds allegedly funneled to businesses connected to him while bypassing regulatory oversight. The probe centers on a closed network of self-dealing loans reportedly worth between 16 and 20 billion dollars.
Possible asset sales
Amid the investigation, US media have reported that Walter is considering selling stakes in several of his sports holdings to raise liquidity. Having already sold his stake in the NBA's Los Angeles Lakers, he is reportedly also weighing sales involving the Premier League club Chelsea, baseball's Los Angeles Dodgers, the Cadillac F1 team, and IndyCar outfit Andretti Global.
Team denies it is for sale
On Thursday, as preparations got underway at the Zandvoort circuit in the Netherlands ahead of this week's F1 race, Cadillac sought to dispel the speculation, stating that the team is not being sold. Notably, team principal Dan Towriss was absent from Zandvoort, instead attending an IndyCar race in Washington with the Andretti Autosport squad. TWG acquired Andretti in 2024, a deal widely seen as key to securing approval from the FIA, Formula 1 and the other teams for Cadillac to join the grid as the sport's 11th team.
