Liverpool Owner FSG in Talks to Buy Majority Stake in Cadillac F1 Team
Fenway Sports Group, the owner of Liverpool, has held talks about buying a majority stake in the Cadillac Formula One team in a deal that could value the outfit at more than £2bn. Cadillac joined F1 this year as a joint venture between General Motors and Mark Walter’s TWG Global, but TWG has since begun selling several sporting assets.
Walter’s controlling interest in the NBA’s Los Angeles Lakers and a 13% stake in Chelsea were sold this summer, while the Los Angeles Sparks of the WNBA are also reportedly being offered. Walter, who is additionally the controlling owner of Major League Baseball’s Los Angeles Dodgers, is under investigation by the US Department of Justice and the Securities and Exchange Commission over alleged fraud involving funds managed by his insurance companies Delaware Life, Clear Spring and EquiTrust. TWG denies that any fraud occurred and says a Cadillac sale is not imminent, though it has spoken to several interested parties.
FSG’s interest follows its sale of a 38% stake in Liverpool to a consortium including Jeff Bezos and Eduardo Saverin, whose group has an option to complete a full takeover before August 2027. Liverpool is now valued at £5.5bn, compared with the £300m FSG paid for the entire club in 2010. FSG also owns majority stakes in the Boston Red Sox and Pittsburgh Penguins and holds 50% of NASCAR team RFK Racing. It is attracted by F1’s US-led growth: annual revenue has more than doubled to $4bn (£3bn) since Liberty Media bought the series in 2017. Sportico has valued Walter’s Cadillac shareholding at about £2.24bn, while the ownership split with General Motors remains undisclosed. Cadillac are bottom of the constructors’ championship and have yet to score a point.
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