Cadillac have broken their silence to answer questions about whether the F1 team could be for sale amid a US federal investigation into its owner.
The rookie team has been through a challenging few days in its own right, with team principal Graeme Lowdon being abruptly fired and replaced by Pole Marcin Budkowski last Wednesday.
That was around the time that arguably even bigger news was breaking in the US, with an ongoing federal investigation into Mark Walter – founder of TWG Global, of which Cadillac co-owner TWG Motorsport is a subsidiary.
The investigation, which is into insurance companies owned by the 66-year-old Walter, hit the headlines when he sold iconic NBA franchise the Los Angeles Lakers for a record $12.5billion, just a year after buying the team for $10billion.
Walter is also reportedly in talks to sell his 13 percent stake in Premier League football club Chelsea to majority owner Clearlake Capital.
Is the Cadillac F1 team for sale?
The headlines have led to questions about whether Walter – who also owns baseball’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks – might be looking to offload TWG’s majority stake in the Cadillac team.
But the answer to that is a very firm negative right now, with a TWG Global spokesperson telling The Athletic: “TWG is not considering a sale of the Cadillac team or any other part of TWG Motorsports.”
As well as the stake in Cadillac, TWG Motorsport also has majority ownership of IndyCar team Andretti Global, and NASCAR’s Spire Motorsports.
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