(Motorsport-Total.com) – TWG Global strongly denies rumors about an alleged sale of Cadillac’s Formula 1 team. The speculation in the paddock is due to investigations by US authorities against billionaire Mark Walter. The businessman is CEO of the investment company TWG, which is managing the Formula 1 entry of the US automaker General Motors.
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Following media reports about upcoming share sales, the company clarified on Thursday during the Dutch Grand Prix in Zandvoort that a sale of the racing team, for which Sergio Perez and Valtteri Bottas will race in 2026, is definitely not under discussion.
The background to the unrest is investigations by the US Department of Justice and the SEC securities regulator. According to investigators, Walter is suspected of having built a complex system of hidden related-party transactions and loans between his own companies.
Between 16 and 20 billion US dollars are said to have been redirected from his insurance companies such as Delaware Life, Clear Spring, and EquiTrust through opaque corporate groups and company cascades to circumvent regulatory solvency requirements.
In the US, loans between related companies are allowed under conditions but must be transparently disclosed to regulatory authorities.
To obtain the necessary liquidity to handle the legal issues, Walter recently sold his shares in the NBA club Los Angeles Lakers. Media reports then suggested that stakes in the Premier League club Chelsea, the baseball team Los Angeles Dodgers, as well as motorsport engagements with Cadillac F1 and Andretti Autosport, could also be sold.
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Adrian Atkinson, head of global motorsport communications at General Motors, counters these speculations ahead of the official press conference of the new team principal Marcin Budkowski in Zandvoort.
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“Before we start, there are obviously some current news regarding TWG. There is a statement… It comes from TWG Global,” Atkinson explains. “First of all: TWG is neither considering the sale of the Cadillac team nor any other part of TWG Motorsport.”
Why Dan Towriss is missing in Zandvoort
Atkinson also explains the absence of Dan Towriss, the CEO of the racing team, at the race weekend in the Netherlands. Towriss is accompanying the Andretti Global team at the IndyCar race in Washington D.C., where among others US President Donald Trump is also expected. “For your information: Dan Towriss is at the IndyCar race in Washington D.C. this weekend, which is why he is not here.”
TWG took over the Andretti team in 2024. This structural change was considered a crucial door opener to convince the FIA, Formula 1, and the competing teams to approve Cadillac as the eleventh team on the grid from 2026.
The new team principal Marcin Budkowski also comments on the allegations at the press conference and emphasizes his full confidence in the future of the project. When asked if he had obtained guarantees regarding a non-sale before taking office, he answered clearly:
“There were absolutely no discussions about that. For me, there is no doubt that there is no such influence. I emphasize: The new factory, my appointment, and the hiring of further key personnel – which we hopefully will announce soon – demonstrate the commitment and investments behind this project.”
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