In response to speculation surrounding Cadillac’s future in Formula 1, its parent company TWG Motorsports assures that no sale of the team is being considered.
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Cadillac wanted to clarify its future in Formula 1. While speculation about a possible sale of the team has increased in recent days, TWG Motorsports, its parent company, issued a categorical statement ahead of the Dutch Grand Prix.
“TWG is not considering the sale of the Cadillac team or any other part of TWG Motorsport” the group stated.
This statement comes in a sensitive context surrounding Mark Walter, owner and CEO of TWG Global. The American billionaire is currently under federal investigations in the United States as well as an inquiry by the Securities and Exchange Commission (SEC).
Investigations around Mark Walter’s empire
Four intermediary companies belonging to Walter’s business empire are reportedly being examined by U.S. authorities regarding alleged undeclared loans between different companies he owns.
At this stage, these investigations have not led to any charges. Most importantly, neither Cadillac F1 nor the intermediary company responsible for developing the team’s future headquarters in Indiana are accused of any wrongdoing.
However, questions intensified after Walter’s decision to sell his stake in the Los Angeles Lakers only 14 months after acquiring it. This move fueled speculation about the stability of his vast sports investment portfolio.
This portfolio notably includes stakes in Chelsea, the Los Angeles Dodgers, and TWG Motorsports, which also owns Andretti Global’s activities in IndyCar and Formula E.
Change of leadership at Cadillac fuels questions
Rumors were also fueled by a significant recent change at the head of the Formula 1 team. Graeme Lowdon left his position as director of Cadillac and was replaced by Marcin Budkowski.
The timing of this decision, while questions surrounding TWG Global were mounting, naturally raised questions about a possible link between the two matters.
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However, Budkowski firmly dismissed this hypothesis at Zandvoort.
“There was absolutely no discussion about this. For me, there is no doubt that it had no influence” said the new team director.
The former Alpine executive thus assures that his arrival is solely part of the desire to continue building the Cadillac project.
Budkowski highlights Cadillac’s investments
To support his statement, Budkowski emphasizes the investments currently being made by the organization. Cadillac is notably working on developing its infrastructure and continues to strengthen its workforce after making its debut in Formula 1 this season.
According to the new team boss, these investments are precisely the best response to speculation about a possible disengagement by TWG.
“I think it simply demonstrates the commitment and investments supporting this project” he states, referring notably to the construction of the new factory, his own appointment, and future announcements regarding personnel.
Despite a particularly difficult start to the season on the sporting front, Cadillac therefore seems determined to continue its development in Formula 1.
TWG expresses its desire to continue the project
The absence of Dan Towriss, CEO of TWG Motorsports, at Zandvoort this weekend could also raise questions. However, this is not related to the situation surrounding Cadillac: the executive is in the United States to attend an IndyCar event in Washington.
For Cadillac, the goal is now to put an end to speculation in order to focus on its sporting development. After eleven Grands Prix, the team is still seeking its first point in Formula 1 with Sergio Pérez and Valtteri Bottas.
Between reliability issues encountered since the start of the year, the change in leadership, and the need to continue building its infrastructure, the challenges remain numerous. But on one point, TWG Motorsports is categorical: despite the turbulence surrounding its owner, a sale of Cadillac F1 is currently not on the agenda.
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