Cadillac stated, on Thursday (the 20th), during the Formula 1 Dutch Grand Prix press day, that the team is not for sale. The statement came after rumors that Mark Walter, CEO of TWG, was considering selling stakes in various sports businesses.
Little known in Formula 1, Walter plays an important role in Cadillac’s operations. TWG is responsible for General Motors’ entry into the sport, and in 2024, acquired Andretti after purchasing Michael Andretti’s stake. The move was pivotal for Cadillac’s approval as the 11th team on the grid for 2026.
Speculation intensified after Walter sold his stake in the Los Angeles Lakers of the NBA just one year after acquiring it. Reports in the United States also indicate he may be considering selling shares of Chelsea, of the Premier League, of the Los Angeles Dodgers, of MLB, in addition to 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 at his insurance companies Delaware Life, Clear Spring and EquiTrust.
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 a murky structure of limited liability entities to circumvent regulatory controls and legal limits.
In the United States, companies owned by the same parent are legally allowed to loan money to one another, provided the transactions are disclosed to regulators so as not to jeopardize solvency in the eyes of customers.
