FSG holds talks to buy majority stake in Cadillac F1 team for more than £2bn

On 4 November 2026, Fenway Sports Group held talks about buying a majority stake in the Cadillac Formula One team, with the proposed deal reported to be worth more than £2bn. The discussions come as Cadillac remains a joint venture between General Motors and Mark Walter’s TWG Global.

Cadillac entered Formula One this year as a GM–TWG Global joint venture. TWG has sold its controlling interest in the NBA’s Los Angeles Lakers and a 13% stake in Chelsea this summer and is reportedly looking to sell the WNBA’s Los Angeles Sparks. Mark Walter is under investigation by the US Department of Justice and the Securities and Exchange Commission over alleged fraud involving the management of funds at his insurance companies Delaware Life, Clear Spring, and EquiTrust; TWG has said "there has been no fraud".

TWG has held talks with a number of interested parties, including Fenway Sports Group, whose sporting portfolio includes majority stakes in the Boston Red Sox and the Pittsburgh Penguins. The discussions over Cadillac form part of wider interest in sporting investments by multiple bidders.

A source with knowledge of FSG’s plans said the group is looking at other sporting assets after selling 38% of Liverpool this summer to a consortium that includes Jeff Bezos and Eduardo Saverin; that consortium has secured the option to complete a full takeover at Anfield before August 2027. Liverpool was valued at £5.5bn after the partial sale, a transaction that followed FSG’s purchase of the club for £300m in 2010.

FSG already has a 50% stake in the NASCAR team RFK Racing and has been drawn to Formula One by its recent commercial growth, particularly in the United States. F1’s annual revenue has more than doubled to $4bn (£3bn) since it was bought by Liberty Media in 2017, and the value of its TV rights continues to increase. Sportico has reported that Walter values his Cadillac shareholding at about £2.24bn, while the size of TWG’s and General Motors’ respective stakes has not been made public.

Cadillac sit bottom of the constructors’ championship in their debut season and have yet to win a point. FSG declined to comment on its investment plans.

TWG has denied that a sale of Cadillac is imminent, and FSG declined to comment on the reported talks.