Is F1’s newest team already on the market? Image: XPB Images
Sportico is reporting that TWG Global owner and US sports mogul Mark Walter is shopping the first-year F1 team around to prospective buyers.
According to the report, there are at least seven parties already interested in the team despite its eye-watering price tag of at least $4.3 billion in Australian currency (US$3 billion).
TWG owns a controlling share in the Cadillac squad in a percentage split with General Motors that has never been made public.
The TWG Motorsports portfolio also includes Andretti Global in IndyCar, Spire Motorsports in NASCAR, Wayne Taylor Racing in sportscars and Walkinshaw TWG Racing in Supercars.
Should the Sportico report prove correct it is at odds with a statement issued by TWG in August that firmly stated: “TWG is not considering a sale of the Cadillac team or any other part of TWG Motorsport”.
That statement was issued off the back of Walter selling some other key sporting assets amid a US federal investigation into intermediary companies within Walter’s broader business empire.
He recently sold famous NBA franchise the Los Angeles Lakers to Joshua Kushner and Bob Iger for a reported $12.5 billion while also offloading a 13 percent stake in English Premier League club Chelsea FC to Clearlake Capital.
According to Sportico, WNBA squad the Los Angeles Sparks is another of Walter’s sporting interests that’s on the market.
Cadillac is yet to score a world championship point from its debut season in F1 with Valtteri Bottas and Sergio Perez sitting 23rd and 24th in the standings.
There is some uncertainty over that driver line-up for next year, too, with Perez the only one considered a lock after signing a new multi-year deal on the eve of the Mexico City Grand Prix.
Despite claiming he has a contract for next year, Bottas appears to be at risk with Colton Herta waiting in the wings.
Despite a shocker of a debut season in FIA F2, the US driver is a single Free Practice 1 outing away from obtaining an F1 Superlicence and is considered a genuine option for a Cadillac race seat next season.