Mark Walter is looking to sell the Cadillac F1 Team after a single season. The billionaire financier's TWG Group has the team valued at $3 billion and is in negotiations to sell a significant stake.
Walter's decision comes as the team has failed to score a point in its maiden campaign. It also follows federal investigations into TWG-owned insurance companies that lent billions of dollars to Walter's other enterprises. The U.S. Department of Justice and Securities and Exchange Commission are investigating how $20 billion in loans were not disclosed to financial regulators.
TWG purchased Andretti Global and its F1 entry bid in 2024, spending over $1 billion on the Cadillac F1 Team before its debut race in Australia this year. Nearly half that total was an anti-dilution fee.
Walter has been selling off other sports assets. In August, he sold the Los Angeles Lakers to Josh Kushner's Thrive Capital for $12.5 billion, just one year after purchasing the NBA team for $10 billion. After that deal, TWG denied the Cadillac F1 Team was for sale, but Fenway Sports Group, which owns the Boston Red Sox, Liverpool F.C., and RFK Racing in NASCAR, is the favorite among several bidders.
General Motors owns a stake in the Cadillac F1 Team, which constrains who can purchase it. The team has also faced other setbacks this season. Team principal Graeme Lowdon was replaced in August. American driver Colton Herta has yet to secure a Super License partly due to the team misreporting his past results to the FIA after believing an error on an IndyCar website.