Cadillac issue statement on F1 team sale amid federal investigation into owner

Rumours have grown surrounding a sale of the Cadillac F1 team after a federal investigation was launched into TWG Global founder, Mark Walter.

Sam Hall

20 Aug 2026

Cadillac is at the centre of sale rumours

Cadillac has moved to dismiss rumours that the Formula 1 team could be up for sale after a federal investigation was launched into the TWG Global founder, Mark Walter.

Cadillac may represent General Motors on the F1 grid, but it is not the manufacturer that is the majority owner of the team. Instead, it is TWG Motorsport - a subsidiary of TWG Global - that has the controlling stake.

As the team announced the departure of team principal Graeme Lowdon with Marcin Budkowski returning to F1 as his replacement, a federal investigation was being launched into Walter, with this centring around insurance companies that he owns.

TWG Motorsport holds a majority ownership of the Cadillac F1 team
© XPB Images

The case began to make headlines when he sold NBA franchise the Los Angeles Lakers for a record price of $12.5billion just a year after purchasing the team for $10billion. The sale was to a group led by former Disney chief executive Bob Iger and Josh Kushner - the younger brother of Donald Trump's son-in-law.

This sale has prompted speculation of further assets that Walter could look to shift, including the Cadillac F1 team.

Speaking on Thursday at the Dutch Grand Prix, Adrian Atkinson, executive director of General Motors global motorsports communications, read an unprompted statement on behalf of TWG on the situation facing the team.

"Just before we start, obviously a little bit of news around at the moment on TWG," he said. "There is a statement. This is from TWG Global.

"TWG is not considering a sale of the Cadillac team or any other part of TWG Motorsport. And just for your information, Dan Towriss is in Washington D.C. for the IndyCar race this weekend, so he is not here."

Budkowski is already facing tough questions in the F1 paddock
© XPB Images

Towriss is the CEO of TWG Motorsports, which also has heavy involvement in IndyCar.

Asked if he had sought assurances on the situation before signing with the team, Budkowski said: "There was absolutely no discussion about that. There is no doubt for me that - there's no influence there.

“The new factory, my appointment; there's key personnel that, hopefully, we will be able to announce soon as well. I think it just shows the commitment and the investment behind the project.”