Mark Walter is reportedly exploring the idea of selling his stake in the Cadillac Formula 1 team.
Sportico reported on Monday, Nov. 2 that Walter, who owns the team through his TWG Global company, is seeking $3 billion for his ownership share amid a federal investigation. In August, TWG released a statement that said it was not considering selling its stake in the Cadillac Formula 1 team amid the news that he was letting go of some of his other sports properties.
Cadillac is in its first season in Formula 1 and has made a splashy impact with its striking black and white team colors and fierce marketing approach. Cadillac is one of two American-based F1 teams and has its headquarters in Indianapolis. The other is Haas, which is owned by entrepreneur
Gene Haas and based in North Carolina. Unlike Haas, Cadillac fully embraced the title of "America's Team," including listing event dates in month, day, year format and revealing their livery in a cinematic Super Bowl ad.
Despite their efforts to engage with fans off the track, Cadillac has failed to score a point in 19 races. Veteran drivers Sergio "Checo" Pérez and Valtteri Bottas joined the team after stints with championship outfits Red Bull Racing and Mercedes, respectively. In 2022, Pérez became the first Mexican driver to win the esteemed Monaco Grand Prix. Bottas has notched 10 race victories in his career, predominately serving as teammate to seven-time champion Lewis Hamilton.
Walter is currently facing a federal fraud investigation, though neither the U.S. government nor the Securities and Exchange Commission have brought charges. Some analysts believe Walter is preparing for a potential fine similar to the $20 million fine he paid in 2015 after the SEC uncovered one of his associates had received a loan that was not properly reported to regulators. He has denied any wrongdoing.
In August, Walter sold the Los Angeles Lakers for a record $12.5 billion, less than a year after purchasing the storied NBA franchise. He sold his share in Chelsea FC a month later. He and Todd Boehly were given $1.271 billion for their combined ownership stakes.
Walter still maintains ownership in several other sports entities, including the Los Angeles Dodgers and RC Strasbourg Alsace, which is in France's Ligue 1. Through TWG Global, he was the founding investor of the Professional Women's Hockey League. There are reports that he is interested in selling his stake in the Los Angeles Sparks.
How did the Cadillac F1 team come to be?
TWG Motorsports' bid, with CEO Mark Walter, to start a Formula 1 team was announced in January 2023.
They partnered with General Motors, which owns Cadillac, to put the pieces together to create the outfit and, in November 2024, F1 announced that the organization would make room for the team. In March 2025, Cadillac was officially approved by the FIA to join the motorsport series. The team enlisted F1 executive Graeme Lowdon as team principal and veteran drivers Sergio "Checo" Pérez and Valtteri Bottas as their drivers.
The Cadillac team was unique in that it was not taking over a pre-existing team, like Audi did with Sauber, but starting from the ground up.
There had been talks about adding an American team to the grid for several years. Racing legend Michael Andretti was vocal about his desire to bring a team to Formula 1. With the support of his father, 1978 F1 champion Mario Andretti, he submitted a bid for his own team in 2022 after attempting to purchase a majority stake in the Alfa Romeo team. The bid was rejected in January 2024. Andretti then sold Andretti Global to TWG.
Later that year when Cadillac was approved, he saluted the efforts of TWG to complete his dream.
"The Cadillac F1 Team is made up of a strong group of people that have worked tirelessly to build an American works team," he said. "I’m very proud of the hard work they have put in and congratulate all involved on this momentous next step. I will be cheering for you!"
The Cadillac F1 team made its debut on the Formula 1 grid in the 2026 season.
How did the Cadillac F1 team fare in the 2026 season?
Through 19 races, the Cadillac F1 team is in last place of the constructors standings and has yet to score a point. There were two races, the Austrian Grand Prix and the Hungarian Grand Prix during which both Sergio Pérez and Valtteri Bottas registered "Did Not Finish" results. Bottas has failed to complete nine races.
Here's how Cadillac has performed in the 2026 F1 season with four races left on the calendar:
- Australian Grand Prix
- Pérez - 16
- Bottas - DNF
- Chinese Grand Prix
- Bottas - 13
- Pérez - 15
- Japanese Grand Prix
- Pérez - 17
- Bottas - 19
- Miami Grand Prix
- Pérez - 16
- Bottas - 18
- Canada Grand Prix
- Bottas - 16
- Pérez - DNF
- Monaco Grand Prix
- Pérez - 15
- Bottas - DNF
- Barcelona-Catalunya Grand Prix
- Pérez - 14
- Bottas - DNF
- Austrian Grand Prix
- Pérez - DNF
- Bottas - DNF
- British Grand Prix
- Pérez - 14
- Bottas - 16
- Belgian Grand Prix
- Bottas - 18
- Pérez - DNF
- Hungarian Grand Prix
- Pérez - DNF
- Bottas - DNF
- Dutch Grand Prix
- Pérez - 15
- Bottas - DNF
- Italian Grand Prix
- Pérez - 18
- Bottas - 19
- Spanish Grand Prix in Madrid
- Bottas - 18
- Pérez - DNF
- Azerbaijan Grand Prix
- Pérez - 14
- Bottas - 16
- Bahrain Grand Prix in Malaysia
- Pérez - 19
- Bottas - DNF
- Singapore Grand Prix
- Pérez - 17
- Bottas - 19
- United States Grand Prix in Austin
- Pérez - 19
- Bottas - DNF
- Mexico City Grand Prix
- Pérez - 16
- Bottas - DNF
Contributing: Jon Arnold
This article originally appeared on USA TODAY: Mark Walter seeking to sell Cadillac F1 team amid investigation, per report
