{"id":862107,"date":"2026-08-20T14:44:14","date_gmt":"2026-08-20T14:44:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/862107\/"},"modified":"2026-08-20T14:44:14","modified_gmt":"2026-08-20T14:44:14","slug":"twg-denies-sale-of-cadillac-f1-team","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/862107\/","title":{"rendered":"TWG denies sale of Cadillac F1 team"},"content":{"rendered":"<p>Mark Walter might be unfamiliar in Formula 1, but for the Cadillac team, he holds fundamental relevance. The billionaire is the CEO of\u00a0TWG, the company responsible for operating General Motors&#8217; Formula 1 entry, and currently he is under scrutiny by authorities in the United States which has sparked rumours regarding a potential sale of the team.<\/p>\n<p>Recently, Walter sold his stake in the NBA&#8217;s Los Angeles Lakers \u2013 just one year after acquiring it \u2013 while reports in the US have emerged that he is considering selling his shares in other sports ventures; including Premier League club Chelsea, MLB&#8217;s Los Angeles Dodgers, and even Cadillac F1 and Andretti Autosport.<\/p>\n<p>These moves are reportedly aimed at raising liquidity to deal with the ongoing investigation against him.<\/p>\n<p>However, on Thursday at the Dutch Grand Prix, Cadillac sought to quell the speculation by stating the team was not up for sale.<\/p>\n<p>Dan Towriss, <a href=\"https:\/\/www.autosport.com\/team\/cadillac-f1\/49027\/\" target=\"_blank\" rel=\"noopener nofollow\">Cadillac F1 team<\/a> CEO, is not in attendance at Zandvoort this weekend \u2013 the first round with new team principal Marcin Budkowski at the helm &#8211; because he is with Andretti\u00a0Autosport at the IndyCar race in Washington D.C., an event featuring the presence of\u00a0U.S. President Donald Trump.<\/p>\n<p>Read Also:<\/p>\n<p>   <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/08\/marcin-budkowski-team-principa.jpg\" alt=\"Marcin Budkowski, Team Principal of Cadillac F1 Team \" width=\"1200\" height=\"800\" loading=\"lazy\"\/> <\/p>\n<p class=\"title\">Marcin Budkowski, Team Principal of Cadillac F1 Team<\/p>\n<p class=\"photographer\">Photo by: Andy Hone\/ LAT Images via Getty Images<\/p>\n<p>TWG acquired Andretti in 2024 after purchasing the stake from Michael Andretti, a key move that allowed the FIA, F1, and rival teams to approve Cadillac\u2019s entry as the 11th team on the grid for 2026.<\/p>\n<p>What Mark Walter is accused of<\/p>\n<p>Currently, the U.S. Department of Justice and the Securities and Exchange Commission is investigating Mark Walter for an alleged fraud and cover-up scheme involving the management of funds at his insurance companies Delaware Life, Clear Spring, and EquiTrust.<\/p>\n<p>The investigation is examining the legality of a network of undisclosed &#8220;self-loans&#8221; \u2013 estimated between $16-20billion \u2013 channelled from his insurance companies to businesses linked to the billionaire himself.<\/p>\n<p>The money reportedly circulated through intermediary firms and an opaque structure of limited liability companies\u00a0to evade regulatory controls and legal limits in the sector.<\/p>\n<p>In the United States, companies owned by the same individual can legally lend money to one another, provided the transactions are declared to regulators to avoid compromising solvency toward customers.<\/p>\n<p>Read Also:<\/p>\n<p>            We want to hear from you!<\/p>\n<p class=\"mt-auto\">Let us know what you would like to see from us in the future.<\/p>\n<p>            <a href=\"#\" class=\"ms-link text-link font-bold\">Take our survey<\/a><\/p>\n<p class=\"mt-1 text-body\">&#8211; The Autosport.com Team<\/p>\n","protected":false},"excerpt":{"rendered":"Mark Walter might be unfamiliar in Formula 1, but for the Cadillac team, he holds fundamental relevance. The&hellip;\n","protected":false},"author":2,"featured_media":862108,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[573],"tags":[64,63,60690,60689,817,813,816,85,431755],"class_list":["post-862107","post","type-post","status-publish","format-standard","has-post-thumbnail","category-formula-1","tag-au","tag-australia","tag-circuit-zandvoort","tag-dutch-gp","tag-f1","tag-formula-1","tag-formula1","tag-sports","tag-twg-denies-sale-of-cadillac-f1-team"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/862107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=862107"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/862107\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/862108"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=862107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=862107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=862107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}