Cadillac F1 team not for sale, say TWG Global

Cadillac's Formula 1 team is not for sale, owners TWG Global have said, amid scrutiny surrounding the business interests of billionaire Mark Walter.

TWG Global, who own a majority stake in Cadillac's new F1 operation, controlled through its TWG Motorsports division, issued a statement on Thursday after recent reports about Walter which have prompted speculation on the future of its sporting assets.

Walter is chairman and CEO of TWG Global, whose motorsport portfolio includes Cadillac F1 as well as Andretti Global's IndyCar and Formula E teams, IMSA's Wayne Taylor Racing and NASCAR's Spire Motorsports.

"TWG is not considering a sale of the Cadillac team or any other part of TWG Motorsport," TWG Global said.

Walter's business empire has come under scrutiny in the United States, where federal prosecutors and the Securities and Exchange Commission are investigating companies linked to him over alleged undisclosed loans between related businesses.

No charges have been filed and the investigation does not involve the Cadillac F1 team.

The situation has attracted attention in the sporting world after Walter agreed to sell his controlling stake in the Los Angeles Lakers, just 14 months after buying the NBA franchise.

Walter also has interests in a number of other major sporting properties, including Major League Baseball's Los Angeles Dodgers and Premier League club Chelsea.

There is growing speculation Walter is willing to sell his 12.83% stake in Chelsea, as reported by ESPN this week.

Reports in the U.S. have said Walter and companies within his business network are attempting to restructure investments and reduce exposure to loans involving insurers within the group.

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That prompted speculation over whether TWG's motorsport portfolio could also be affected.

General Motors is a partner in the Cadillac F1 project and also holds an ownership stake in the team. Cadillac joined the F1 grid this season as the championship's 11th team.

This month the team has undergone a change in leadership, with former Renault and Alpine executive Marcin Budkowski replacing Graeme Lowdon as team principal.

Speaking ahead of the Dutch Grand Prix, Budkowski said the investigation surrounding Walter had not been a factor in his appointment or in any of the team's operations.

"There was absolutely no discussion about that," Budkowski said. "There's no doubt for me that there's no influence there."

TWG Motorsports CEO Dan Towriss is not present at Zandvoort for the Dutch GP, instead attending the IndyCar 250 race in Washington.