TWG Global denies rumors of Cadillac Formula 1 team sale

TWG Global has issued a statement denying rumors that it is considering the sale of its Cadillac Formula 1 team. The clarification comes amid speculation triggered by a federal investigation into the financial dealings of TWG Global founder Mark Walter regarding his insurance companies.

Speculation regarding a potential sale also followed Walter’s recent $12.5 billion sale of the Los Angeles Lakers, which occurred only a year after he acquired the NBA franchise for approximately $10 billion. While General Motors provides the Cadillac brand and technical support, TWG Motorsport remains the controlling shareholder of the F1 outfit.

Adrian Atkinson, General Motors’ executive director of global motorsports communications, addressed the matter at the Dutch Grand Prix, noting that ‘TWG is not considering a sale of the Cadillac team or any other part of TWG Motorsport.’