Just In: F1 Team Owner Mark Walter Secures Record $12.5bn Sale After…read more

F1 Team Owner Mark Walter Secures Record $12.5bn Lakers Sale After Just 10 Months

Formula 1 team owner Mark Walter has completed one of the most remarkable short-term gains in sports ownership after selling the Los Angeles Lakers for a record $12.5 billion (£9.3bn).

Walter, whose TWG organisation is behind the Cadillac Formula 1 project alongside General Motors, originally purchased the NBA franchise from the Buss family for $10bn (£7.45bn) in October 2025.

Less than a year later, the Lakers have changed hands again in a deal that values the iconic Los Angeles franchise at an extraordinary $12.5bn.

That represents a rise of around 25 per cent, giving Walter an estimated $2.5bn increase in value in just 10 months.

The new ownership group includes Josh Kushner, founder of Thrive Capital and brother of Jared Kushner, as well as former Disney chief executive Bob Iger.

New Lakers owners promise long-term commitment

Kushner and Iger have moved quickly to underline their ambitions for one of the most recognisable teams in global sport.

“As lifelong NBA fans, we are deeply honoured for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world,” they said.

The pair also praised the Buss family’s stewardship while promising to maintain the franchise’s competitive ambitions.

Their arrival marks another major chapter in the Lakers’ ownership history, with the value of the franchise demonstrating the enormous financial growth surrounding elite American sports.

Major Cadillac decision adds to extraordinary day

Walter’s blockbuster Lakers sale comes at a particularly significant moment for his motorsport operation.

On the same day, Cadillac F1 announced the shock departure of team principal Graeme Lowdon, despite the team’s debut season still being in its early stages.

Lowdon, who played a major role in establishing the Cadillac project, has been replaced by experienced former F1 executive Marcin Budkowski, who takes charge with immediate effect.

The change comes as Cadillac prepares to return to action at the Dutch Grand Prix at Zandvoort on 23 August following Formula 1’s summer break.

Cadillac still chasing its first F1 point

The timing of the leadership change is particularly notable given Cadillac’s difficult start to life in Formula 1.

With Sergio Perez and Valtteri Bottas leading the team’s driver line-up, Cadillac remains at the bottom of the constructors’ championship and is currently the only team yet to score a world championship point.

The arrival of Budkowski therefore represents an important attempt to strengthen the operation as it continues building towards becoming a competitive long-term presence on the F1 grid.

TWG Motorsport has played a central role in establishing the Cadillac project through its partnership with General Motors. Its wider motorsport portfolio also includes Andretti Global, Spire Motorsports and Wayne Taylor Racing.

TWG CEO Dan Towriss was involved in the decision to remove Lowdon, thanking him for his contribution to building the Cadillac organisation.

“We’re grateful to Graeme Lowdon for his leadership and the role he played in forming the Cadillac Formula 1 team from the ground up,” Towriss said.

“His contributions helped establish a strong foundation in our build-up phase, and we thank him for his commitment and wish him well.”

For Walter, meanwhile, the extraordinary Lakers transaction provides a spectacular financial return just months after taking control of one of basketball’s most famous franchises. The focus now shifts firmly back to Cadillac, where the pressure is mounting to turn significant investment and ambition into results on the Formula 1 circuit.