TWG Global, the owner of the Cadillac F1 team, is set to buy the Los Angeles Lakers for a historic figure, according to multiple reports.
The purchase will likely see the Lakers valued at $10 billion, making it the largest sale of a professional sports team.
The LA Lakers is the second-most successful team in NBA history, winning 17 titles in its existence.
The TWG conglomerate has a vast sports portfolio - as well as its Cadillac and Lakers holdings, it is the primary owner of the Los Angeles Dodgers and has minor ownership of the Chelsea and RC Strasbourg football teams.
TWG Global took over the Michael Andretti-led F1 project last year and secured its place on the 2026 grid after lengthy discussions with the sport's commercial rights holders.
Cadillac has struck a deal with Ferrari to use its power units and gearbox for its early years on the grid, as General Motors hopes to construct its own engines for 2028.
The team has hired Graeme Lowdon to lead as team principal, but has not yet signed a driver to its line-up.
Cadillac will see the F1 field expand to 22 cars next year, marking the first time since 2016 that the grid has contained more than 10 teams.
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