Mark Walter, CEO of TWG Global, the conglomerate responsible for the Cadillac team in Formula 1 through TWG Motorsports, alongside General Motors, made a profit of US$ 2.5 billion from the sale of his stake in the Los Angeles Lakers. The deal was completed just one year after the acquisition.
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Walter and TWG Global bought the majority stake in the Lakers for US$ 10 billion last year. Now, the shares were sold for US$ 12.5 billion to Josh Kushner and Bob Iger, generating a difference of US$ 2.5 billion between the purchase and sale values.
The operation does not change TWG Global’s investments in the Los Angeles Dodgers or Cadillac. The company maintains its stake in the Formula 1 team, which is managed in partnership with GM, despite Walter’s exit from the Lakers’ ownership.
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Commenting on the sale, Walter highlighted the personal significance of the period he led the NBA franchise: “Being the owner of the Los Angeles Lakers was one of the greatest honors of my life, an extraordinary investment, but what I will take with me is the community, the fans, and a city that treats this team like family,” he said. He also thanked the Buss family, the players, and staff, adding that he believes ‘the best is yet to come’ for the Lakers.
This financial move comes at a time of changes within Cadillac as well. This week, the team announced the departure of Graeme Lowdon from the position of team principal, with Marcin Budkowski taking over the role. Dan Towriss, CEO of TWG Motorsports, explained that the decision had to be made quickly to avoid an even more destabilizing transition, stating that ‘it is the nature of Formula 1, and that’s how it had to happen’.
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