The Cadillac F1 team has firmly denied being up for sale, according to TWG Global, its parent company, amid a US federal investigation into billionaire Mark Walter.
The investigation targets four intermediary companies within Walter's business empire over alleged undisclosed loans between his own companies. The news sparked speculation about the future of his other sporting assets, including his stake in the LA Lakers, which he sold just 14 months after buying it.
The speculation also swept in Walter's other sports entities, such as Chelsea FC, the LA Dodgers, and the motorsport teams under his TWG Motorsports investment umbrella. Beyond Cadillac F1, TWG Motorsports also owns Andretti Global, which competes in IndyCar and Formula E.
In a statement released ahead of the 2026 Dutch Grand Prix, TWG Motorsports said: "TWG is not considering a sale of the Cadillac team or any other part of TWG Motorsport." This statement aimed to quell paddock rumors.
The team also made a surprising move last week by replacing Graeme Lowdon with Marcin Budkowski as team principal. Budkowski responded to a question that seemed to link the leadership change to Walter's investigation: "Separate two topics; I don't think me joining Cadillac is controversial in any way: I'm not coming from the FIA, I'm not coming even from another team."
Budkowski added that the decision to change leadership was made by the team's owners and shareholders. He also expressed respect for Lowdon's work in building the team from scratch. "I have immense respect and admiration for what's been achieved so far by Graeme for building this team from the ground up, recruiting these people and actually showing up and racing with the level of competitiveness that is reasonable for a new team," he said.
The federal investigation has not resulted in charges and does not implicate Bradford Allen, the intermediary developing Cadillac F1's Indiana headquarters, nor the Cadillac F1 team itself. Meanwhile, TWG Motorsports CEO Dan Towriss is absent from Zandvoort for the Dutch GP, attending the IndyCar 250 race in Washington, DC, this weekend.
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