TWG Denies Sale of Cadillac F1 Team
TWG Motorsport says it is not considering a sale as federal prosecutors and the Securities and Exchange Commission investigate Mark Walter’s financial dealings.
- On Thursday at the Dutch Grand Prix, Cadillac dismissed rumors that its Formula 1 team is for sale following a federal investigation into TWG Global founder Mark Walter.
- Federal authorities, including the SEC and Department of Justice, are investigating Walter regarding a network of undisclosed 'self-loans' estimated between $16-20 billion channeled through his insurance companies.
- Walter recently sold his stake in the Los Angeles Lakers for $12.5 billion, one year after purchasing the franchise for $10 billion, sparking speculation about his wider sports portfolio.
- New Cadillac F1 team principal Marcin Budkowski stated, 'There was absolutely no discussion about that,' regarding ownership concerns, while TWG Motorsports CEO Dan Towriss is in Washington D.C. for an IndyCar event.
- Reports suggest Walter may sell shares in other ventures, including Chelsea and the Los Angeles Dodgers, as federal investigations into his financial management continue to draw scrutiny.
16 Articles
16 Articles
TWG Global stated that its properties in the automotive sector, including the Cadillac Formula 1 team, are not for sale, amidst speculations about the sports assets of the billionaire and CEO, Mark Walter, after the sale of Los Angeles Lakers. The Financial Times reported this week that Walter would also be in negotiations to sell his participation in the Premier League's Chelsea English football club. TWG is not considering a sale of the Cadill…
Le Journal de Montreal
Le Journal de QuebecA federal investigation that is in full swing puts enormous pressure on Walter to refinance pharaonic money.
TWG Global says Cadillac F1 team and motorsport interests not for sale
ZANDVOORT, Netherlands, Aug 20 : TWG Global said its motorsport properties, including the Cadillac Formula One team, would not be changing ownership amid speculation about billionaire chief executive Mark Walter's sporting assets following the sale of the Los Angeles Lakers.The Financial Times reported this w
Cadillac F1 owner denies sale amid federal investigations and leadership shake-up
TWG Motorsports has forcefully dismissed swirling rumours of a potential sale of its Cadillac Formula 1 team, issuing a definitive statement ahead of the Dutch Grand Prix at Zandvoort. In a clear-cut declaration, TWG confirmed: “TWG is not considering a sale of the Cadillac team or any other part of TWG Motorsport.” This denial comes amid escalating scrutiny of TWG Global’s owner and CEO, billionaire Mark Walter, who is currently entangled in a …
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