Cadillac F1 owner issues statement amid rampant sale speculation

The parent company of the Cadillac F1 team has moved to quash mounting speculation over the team's future, issuing a firm denial that any sale is being considered.

TWG Motorsports released a statement ahead of the Dutch Grand Prix at Zandvoort, confirming: "TWG is not considering a sale of the Cadillac team or any other part of TWG Motorsport."

The intervention came against a backdrop of significant turbulence surrounding TWG Global's owner and CEO, billionaire Mark Walter, who is currently the subject of a US federal and SEC (Securities and Exchange Commission) investigation.

Four intermediary companies within his business empire are under scrutiny over alleged undisclosed loans between his own companies.

Walter drew further attention when he moved to sell his stake in the Los Angeles Lakers basketball team, just 14 months after acquiring it, prompting widespread questions about the stability of his broader sporting portfolio, which includes Chelsea Football Club, the Los Angeles Dodgers, and his TWG Motorsports — which also owns the Andretti Global IndyCar and Formula E teams — holdings.

His share in the NBA team was purchased for $10 billion, but is now valued at $12.5 billion, just over a year later.

The federal investigations have not yet resulted in any charges, and neither the intermediary company overseeing the development of Cadillac's Indiana headquarters, nor the Cadillac F1 team itself has been implicated in any wrongdoing.

Budkowski addresses the speculation

The statement arrived alongside another significant development at the team: the abrupt departure of Graeme Lowdon as team principal and his replacement by Marcin Budkowski.

The timing raised eyebrows, though Budkowski was keen to separate the leadership change from the wider financial questions swirling around TWG Global.

"There was absolutely no discussion about that; there's no doubt for me that there's no influence there," he told media, including RacingNews365.

Pointing to the new factory build, his own appointment, and the prospect of further personnel announcements, Budkowski argued the activity told its own story: "I think it just shows the commitment and the investment behind the project."

TWG Motorsports CEO Dan Towriss is absent from Zandvoort this weekend, instead attending the IndyCar 250 race in Washington, DC.