Updated November 2, 2026, 4:46 p.m. ET
- The Cadillac F1 team could be for sale for at least $3 billion, according to a report from Sportico.
- Team owner Mark Walter is under federal investigation over assets tied to two insurance companies.
- Walter recently sold his majority stake in the Los Angeles Lakers and is reportedly interested in selling the Los Angeles Sparks.
- A lawsuit alleges that companies linked to Walter funneled customer bonuses into related-party investments rather than safe, independent investments.
Cadillac F1, the Fishers-based Formula One team, could be for sale at the end of its inaugural season, according to Sportico. The outlet claimed that TWG Global CEO Mark Walter was seeking at least $3 billion for the team and that at least seven parties were interested.
Walter is under federal investigation following a grand jury subpoena in February. The U.S. Department of Justice and the Securities and Exchange Commission are investigating whether TWG Global disclosed affiliated assets related to two insurance companies, Delaware Life and Clear Spring Life and Annuity.
When Walter agreed to sell his majority stake in the Los Angeles Lakers in August, it called into question whether his motorsports properties would be next. In 2024, Walter and Muncie native Dan Towriss created TWG Motorsports. With Towriss as CEO, TWG Motorsports owns Cadillac F1 (Formula 1), Andretti Global (IndyCar), Spire Motorsports (NASCAR), Wayne Taylor Racing (IMSA) and Walkinshaw TWG Racing (Supercars). At the time, TWG Motorsports denied that its racing properties could be next.
“TWG Global has no plans to sell the Cadillac F1 team or any other part of TWG Motorsports,” a TWG spokesperson told IndyStar in August. “This includes Andretti Global.”
Now it appears that Walter may be putting Cadillac F1 and the rest of TWG Motorsports up for sale. With the Lakers, Walter sold his 13% stake in Premier League side Chelsea FC. In October, reports surfaced of interest in selling the WNBA’s Los Angeles Sparks.
TWG Global denied any wrongdoing in the insurance fraud investigation via a lengthy public rebuttal in August. Delaware Life and Clear Spring Life and Annuity are both based in Indiana as part of the Zionsville-based Group 1001 insurance collective, which is a subsidiary of TWG Global. The 1001 Group also owns Gainbridge, the insurance agency that is the title sponsor of the Pacers and Fever arena and the presenting sponsor of the Indianapolis 500.
On October 12, Richard Phillips, a California resident, filed a lawsuit, claiming that Gainbridge and Clear Spring failed to place customer premiums in “safe, independent investments that benefit annuitants (as Clear Spring and Gainbridge’s marketing and brochures represented), but instead funneled them into loans and financing for companies related to or controlled by Walter.” The suit alleges that the related party investments include two bonds totaling $309.8 million.
Cadillac F1 is co-owned by TWG Motorsports and General Motors, owner of Cadillac. General Motors declined to comment on Sportico’s report when asked by IndyStar. TWG Motorsports did not immediately respond to IndyStar’s request for comment.
As expected, Cadillac F1 spent its inaugural F1 season as the worst in F1. The team has yet to score a point (finish in the top 10 in a race) with four races remaining in 2026.
Sergio Perez recently signed an extension to stay at Cadillac F1 until 2029. His other seat, currently occupied by Valtteri Bottas, has not been decided for 2027. Former Andretti Global driver Colton Herta is a candidate for the seat, although Herta still needs to earn one more FIA super license point to be eligible to drive in F1. TWG Motorsports has invested in Herta’s journey to F1 in recent years, and the company selling its share of the team could change that.
While Walter awaits a resolution from the DOJ and SEC, his TWG Motorsports properties could be next in line for a new owner. A sale of TWG Motorsports and its teams would impact racing series internationally.
This story may be updated.
Brown of Zion is IndyStar’s motorsports reporter. Follow him at @z10nbr0wn. Get IndyStar’s motorsports coverage delivered straight to your inbox with our Motor Sports newsletter. Subscribe to IndyStar TV YouTube Channel: IndyCar for a behind-the-scenes look at IndyCar and expert analysis.
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