Cadillac stated on Thursday (20), during the press day of the Dutch Grand Prix of Formula 1, that the team is not for sale. The statement came after rumors that Mark Walter, CEO of TWG, was considering selling stakes in different sports businesses.
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Little known in Formula 1, Walter plays an important role in Cadillac’s operation. TWG is responsible for General Motors’ entry into the category and, in 2024, acquired Andretti after buying Michael Andretti’s stake. The move was crucial for Cadillac’s approval as the 11th team on the grid for 2026.
Speculation increased after Walter sold his stake in the NBA’s Los Angeles Lakers just one year after acquiring it. Reports in the United States also indicate that he is considering selling shares of Chelsea, from the Premier League, the Los Angeles Dodgers, from MLB, as well as Cadillac F1 and Andretti Global. These moves would aim to increase liquidity to deal with an ongoing investigation against him in the United States.
The U.S. Department of Justice and the Securities and Exchange Commission (SEC) are investigating Walter for an alleged fraud and concealment scheme involving the management of funds from his insurance companies Delaware Life, Clear Spring, and EquiTrust.
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The investigation analyzes a network of undisclosed “self-loans,” estimated between $16 and $20 billion, which would have been channeled from the insurers to companies linked to the billionaire. The funds would have circulated through intermediary companies and an opaque structure of limited liability companies to circumvent regulatory controls and legal limits.
In the United States, companies owned by the same owner can legally lend money to each other, provided the operations are declared to regulators so as not to compromise solvency before customers.
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