Nov.3 (GMM) Cadillac’s Formula 1 team is reportedly being shopped to potential buyers despite owner TWG Global explicitly denying only last month that it was considering a sale.
Sportico reports, citing three people familiar with the process, that Mark Walter is seeking at least $3 billion for the team and that at least seven interested parties have emerged.
Walter controls the operation through TWG Global, whose TWG Motorsports division also houses its IndyCar and NASCAR interests.
“TWG did not immediately respond to a request for comment on the Cadillac sale process,” Sportico reported.
That silence is notable because TWG had responded firmly to similar speculation only weeks ago.
“TWG is not considering exiting its stake in the Cadillac Formula 1 team or any other part of TWG Motorsports,” the company said last month.
The renewed report comes amid wider questions over Walter’s sports holdings following agreements to sell his Los Angeles Lakers interest and his stake in Chelsea.
Sportico also reports that Walter is exploring a sale of the WNBA’s Los Angeles Sparks.
But Walter was considerably more direct when speculation recently surrounded another major asset, the Los Angeles Dodgers.
“We are going to keep the team no matter what,” he told the California Post last week.
Cadillac’s Formula 1 operation is a partnership between TWG and General Motors, with TWG the controlling owner.
Sportico says TWG and GM paid the $450 million dilution fee required to enter F1 and have invested at least another $1 billion in establishing the team, which is expected to lose around $400 million in its debut season largely because of startup costs.
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