TWG Global stated that its Cadillac team, which competes in the Formula 1 world championship, is not for sale and ruled out any plans to change ownership of its motorsport assets. The statement came amid speculation about billionaire Mark Walters' investment moves following the sale of the Los Angeles Lakers.
A Cadillac Formula 1 spokesman told journalists at the Dutch Grand Prix that the company "is not considering selling the Cadillac team or any other part of TWG in motorsport". The comments responded to a Financial Times report stating that Walters was also negotiating the sale of his stake in English club Chelsea.
TWG Global owns a stake in Cadillac and is also owner of teams in other motorsport series, including Andretti Global in IndyCar, a team in the Formula E world series of electric vehicles, as well as stakes in NASCAR and the Australian racing car championship. Walters' sports investments also include the Los Angeles Dodgers in Major League Baseball and the Los Angeles Sparks in the American women's basketball league.
Cadillac underwent a leadership change this month when Marcin Budkowski was named team principal, replacing founder Graeme Lowdon after 11 races of the season. Budkowski said at a press conference at the Zandvoort circuit that he did not seek guarantees about the future of team ownership before taking up his post.
Cadillac driver Mexican Sergio Pérez considered the leadership change to reflect the team's ambition to develop, despite not scoring points in the first 11 races. Pérez noted that Lowdon played an important role in bringing Cadillac to its current position, and added that the new leadership offers a different perspective that demonstrates the team's willingness to push its Formula 1 project as quickly as possible.
